Financial index | Current price | Forecast | S1 | R1 | S2 | R2 |
​FTSE100 | 7,844 | Cons./ Bearish | 7,400 | 7,900 | 7,200 | 7,800 |
FTSEMIB | 25,783 | Consolidation | 23,400 | 25,900 | 22,400 | 26,500 |
DAX 40 | 15,086 | Consolidation | 13,800 | 15,200 | 13,400 | 15,500 |
S&P 500 | 3,999 | Cons./ Bullish | 3,750 | 4,100 | 3,600 | 4,180 |
NASDAQ 100 | 11,541 | Cons./ Bullish | 10,400 | 12,000 | 10,000 | 12,700 |
DOW JONES | 34,302 | Cons./ Bullish | 31,200 | 34,500 | 30,200 | 35,000 |
TADAWUL | 10,744 | Cons./ Bullish | 10,000 | 11,200 | 9,700 | 11,700 |
FTSE ADX | 10,210 | Consolidation | 9,900 | 10,750 | 9,680 | 11,000 |
DFM | 3,323 | Cons./ Bullish | 3,270 | 3,500 | 3,100 | 3,730 |
S: Support R: Resistance
FTSE 100 (#UKX)
The FTSE100 index had a week up by +1.88%
For the week ahead we are in favour of a possible retracement to the 7.650 area
Indicators
Very positive week for the English index which returns to 2018 highs'.
The upswings resulted in the break of the strong resistance area at 7,650 which now sees the price continuing to move on Bollinger Band upper level.
MACD and RSI are in large overbought territory and in negative divergence with the price action.
We believe that the risk/reward is even more in favour of short to medium term declines with the first target at 7,650 and then, in our opinion, proceed further downwards to at least 7,400-7,300.
We remain bearish on the FTSE100 given the over-extension to the upside
Support at 7,400
Resistance at 7,900
FTSEMIB (#FTSEMIB)
The FTSEMIB index had a week up by +2.40%
We are in favour of a consolidation in the 25,000 area for the week ahead