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Weekly market brief: 2 - 6 January 2023


Financial index

Current price

Forecast

S1

R1

S2

R2

​FTSE100

7,496

Cons./ Bearish

7,200

7,600

7,100

7,670

FTSEMIB

23,665

Consolidation

22,500

24,850

21,000

25,500

DAX 40

13,857

Consolidation

13,100

14,550

12,650

15,000

S&P 500

3,839

Cons./ Bullish

3,750

4,100

3,600

4,180

NASDAQ 100

10,939

Cons./ Bullish

10,400

12,000

10,000

12,700

DOW JONES

33,147

Cons./ Bullish

31,200

34,500

30,200

35,000

TADAWUL

10,478

Cons./ Bullish

10,000

11,200

9,700

11,700

FTSE ADX

10,211

Consolidation

9,900

10,750

9,680

11,000

DFM

3,336

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 -0.81%

For the week ahead we are in favour of a possible consolidation in the 7,400-7,500 area


Indicators

Slightly negative week that sees the price remaining above the 5-day average: a positive short-term indicator, even if we believe that the seasonality of the British index will continue to bear witness.


MACD and RSI are still in positive territory


An eventual re-test of the 7,600 is still on the table. At the same time it is important to underline how the British index has repeatedly behaved on regular pattern: recovery following a rebound on the 50-day average (yellow line), to then cut back gains in favour of more marked declines. Proof of that are the periods of January - February 2022 and April - May 2022.


We remain bearish on the FTSE 100 despite a possible short-term upside as risk/reward continues to remain in favour of a test of 7.200-7.100.


Support at 7,150

Resistance at 7,600




FTSEMIB (#FTSEMIB)

FTSEMIB index had a week down by -1.07%

For the week ahead we favour a consolidation in the 24,000-23,600 area