Reply has been given a "buy" rating and a target price of 164 euros by UBS, resulting in a slight increase in the stock price of 1.37 percent.

The stock's performance is closely aligned with the FTSE Italia Star index, suggesting that market factors are driving its movement rather than company-specific news.

However, there are indications of a deteriorating technical outlook for Reply, with key support levels identified at 132.6 euros. On the upside, there is significant resistance at 134.8 euros, which could lead to increased selling pressure.

The recent downward cross of the 5-day moving average below the 34-day moving average further confirms the bearish sentiment. In the short term, there is a realistic possibility of declines targeting 131.9 euros.