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Weekly market brief: 19 - 23 December 2022


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%