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Weekly market brief: 12 - 16 December 2022


Financial index

Current price

Forecast

S1

R1

S2

R2

​FTSE100

7,476

Bearish

7,200

7,600

7,100

7,670

FTSEMIB

24,277

Bearish

22,500

24,850

21,000

25,500

DAX 40

14,370

Bearish

13,100

14,550

12,650

15,000

S&P 500

3,934

Cons./ Bearish

3,750

4,100

3,600

4,180

NASDAQ 100

11,563

Consolidation

10,400

12,000

10,000

12,700

DOW JONES

33,476

Cons./ Bearish

31,200

34,500

30,200

35,000

TADAWUL

10,246

Cons./ Bullish

10,000

11,200

9,700

11,700

FTSE ADX

10,251

Consolidation

9,900

10,750

9,680

11,000

DFM

3,325

Cons./ Bullish

3,270

3,500

3,100

3,730

S: Support R: Resistance

FTSE 100 (#UKX)

The FTSE100 index had a week down by -1.05%

For the week ahead we are in favour of a retracement to the 7,400 area


Indicators

Negative week for the British index, as it almost seems to want to repeat the August's setup.


The price finally broke below the 9-day average (red line) which has been a strong dynamic resistance since October.

We believe this break is important, especially after a long upside phase: we could expect a short back-test of the 9MA and then, in our opinion, begin a downward phase.


MACD and RSI have started an initial reversal and mirror price action.


We are bearish on the FTSE 100 as we believe risk/reward is still in favour of further downsides: short-term target remains the 50-day average (yellow line), today at 7,200.

Support at 7,150

Resistance at 7,600




FTSEMIB (#FTSEMIB)

The FTSEMIB index had a week down by -1.40%

For the week ahead we in favour of a retracement to the 23,700-23,500 area


Indicators

Negative week for the Italian index which saw the break of the