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Weekly market brief: 20 - 24 March 2023


Financial index

Current price

Forecast

S1

R1

S2

R2

​FTSE100

7,314

Cons./ Bullish

7,300

7,700

7,100

7,900

FTSEMIB

25,495

Consolidation

24,800

27,900

24,000

28,400

DAX 40

14,768

Cons./ Bearish

13,800

15,800

13,400

16,200

S&P 500

3,916

Consolidation

3,750

4,200

3,600

4,300

NASDAQ 100

12,520

Consolidation

11,000

12,700

10,500

13,300

DOW JONES

31,861

Consolidation

31,200

34,500

30,200

35,000

TADAWUL

9,976

Cons./ Bullish

10,000

11,200

9,700

11,700

FTSE ADX

9,650

Cons./ Bullish

9,680

10,300

9,680

11,000

DFM

3,349

Consolidation

3,270

3,500

3,100

3,730

S: Support R: Resistance

FTSE 100 (#UKX)

The FTSE100 index had a week down by -5.33%

For the week ahead we are in favour of a possible recovery till 7,500


Indicators

Negative week for the British index that finally retrace to more traded levels. The 7,300 is an important support area that could lead to short term bounces.

MACD e RSI are very extended to the downside with the second one in oversold condition

Looking at previous swings, the index could also consolidate on the 7,200 area to then revert to the upside.

The risk/reward has now shifted towards more interesting levels and we start to consider long positions (assuming 7,100 as ultimate support)


We are neutral on the FTSE 100 with a bias towards upside potential


Support at 7,300

Resistance at 7,700



FTSEMIB (#FTSEMIB)

The FTSEMIB index had a week down by -6.55%

We are in favour of a possible consolidation within the 26,000 area.


Indicators

Negative week for the Italian index that is now retracing on a strong support level that precisely opened the way to the January bullish rally.