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Weekly market brief: 13 - 17 March 2023


Financial index

Current price

Forecast

S1

R1

S2

R2

​FTSE100

7,748

Cons./ Bearish

7,400

8,050

7,200

8,160

FTSEMIB

27,281

Cons./ Bearish

24,800

27,900

24,000

28,400

DAX 40

15,427

Cons./ Bearish

13,800

15,800

13,400

16,200

S&P 500

3,861

Consolidation

3,750

4,200

3,600

4,300

NASDAQ 100

11,830

Consolidation

11,000

12,700

10,500

13,300

DOW JONES

31,909

Consolidation

31,200

34,500

30,200

35,000

TADAWUL

10,431

Consolidation

10,000

11,200

9,700

11,700

FTSE ADX

9,827

Consolidation

9,680

10,300

9,680

11,000

DFM

3,385

Consolidation

3,270

3,500

3,100

3,730

S: Support R: Resistance

FTSE 100 (#UKX)

The FTSE100 index had a week down by -2.50%

For the week ahead we are in favour of a possible consolidation in the 7,600 area


Indicators

Negative week for the British index as it’s finally breaks the tight trading range in the 7,900 area.

A high volume concentration area can be seen at 7,600 which we believe could act as short term bearish target: if also that one is overcome, we will look at7,500 - 7,400 as reversal area.


MACD e RSI turned heavily to the downside and we will soon have RSI in oversold conditions.


We are now looking for a consolidation in the 7,500 - 7,550 area before considering long setups: in addition, the 200MA often plays as dynamic support during important drawdown.

We remain bearish on the FTSE 100 as we believe the full scale sell-off has not yet been reached

Support at 7,400

Resistance at 8,050



FTSEMIB (#FTSEMIB)

The FTSEMIB index had a week down by -1.95%

We are in favour of a possible bearish continuation until the 26,000 area.


Indicators

Negative week for the Italian index that could open the way to more relevant selling price action. Once the 27,000 is broken the nearest target remain the one of 26,000