FTSE Mib closed today off its highs on high volume. This means that there could have been some selling at these prices and a retracement could start from here. The situation is slightly different on Moncler (detailed technical analysis here) and Unicredit (detailed technical analysis here), although the conclusions are the same. Today Moncler closed higher but the spread of the candle is narrow, the volume is low and the candle closes off its highs. This evidences lack of demand so there is risk that the stock, like the main index, could retrace. The same behaviour had today Unicredit, although the difference here is that today's range isn't narrow. This is something I was expecting (always keeping in mind that "expecting" something in the stock market is a dangerous thing to do), and it is "natural" for a genuine rally to test the presence of subjects willing to sell at these low prices before marking them up. The risk is that selling could be too much and the accumulation phase last longer. This could be the case would the S&P 500 keep falling since the FTSE Mib is often affected by the US market.