Financial index | Current price | Forecast | S1 | R1 | S2 | R2 |
​FTSE100 | 7,333 | Bearish/ Cons. | 7,200 | 7,600 | 7,100 | 7,670 |
FTSEMIB | 23,688 | Bearish/ Cons. | 22,500 | 24,850 | 21,000 | 25,500 |
DAX 40 | 13,893 | Bearish/ Cons. | 13,100 | 14,550 | 12,650 | 15,000 |
S&P 500 | 3,852 | Bearish/ Cons. | 3,750 | 4,100 | 3,600 | 4,180 |
NASDAQ 100 | 11,243 | Bearish/ Cons. | 10,400 | 12,000 | 10,000 | 12,700 |
DOW JONES | 32,920 | Bearish/ Cons. | 31,200 | 34,500 | 30,200 | 35,000 |
TADAWUL | 10,290 | Cons./ Bullish | 10,000 | 11,200 | 9,700 | 11,700 |
FTSE ADX | 10,327 | Consolidation | 9,900 | 10,750 | 9,680 | 11,000 |
DFM | 3,328 | 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 -1.69%
For the week ahead we are in favour of a possible consolidation in the 7.250 - 7.300 area
Indicators
Negative week for the British index, as it almost seems to want to repeat the August 2022 setup's.
As highlighted last week, the break of the 9-day average (red line) paved the way for even more substantial declines.
The MACD and RSI have reversed significantly, with the latter already in bearish territory.
The area between 7.250 - 7.300 could represent a possible break from the bearish pressure which we think is only just beginning. In the short to medium term, we believe a plausible target could be 7,100.
We remain bearish on the FTSE 100 as we believe that risk/reward is still in favor of further downsides: the short-term target remains the 50-day average (yellow line), today at 7,250, we look at 7,100 as a possible reversal area.
Support at 7,150
Resistance at 7,600
FTSEMIB (#FTSEMIB)
The FTSEMIB index had a week down by -2.43%