Financial index | Current price | Forecast | S1 | R1 | S2 | R2 |
​FTSE100 | 8,004 | Cons./ Bearish | 7,400 | 8,050 | 7,200 | 8,160 |
FTSEMIB | 27,715 | Cons./ Bearish | 24,800 | 27,900 | 24,000 | 28,400 |
DAX 40 | 15,482 | Cons./ Bearish | 14,200 | 15,500 | 13,800 | 15,800 |
S&P 500 | 4,079 | Consolidation | 3,750 | 4,200 | 3,600 | 4,300 |
NASDAQ 100 | 12,358 | Consolidation | 11,000 | 12,700 | 10,500 | 13,300 |
DOW JONES | 33,826 | Consolidation | 31,200 | 34,500 | 30,200 | 35,000 |
TADAWUL | 10,548 | Consolidation | 10,000 | 11,200 | 9,700 | 11,700 |
FTSE ADX | 9,977 | Consolidation | 9,680 | 10,300 | 9,680 | 11,000 |
DFM | 3,457 | Consolidation | 3,270 | 3,500 | 3,100 | 3,730 |
S: Support R: Resistance
FTSE 100 (#UKX)
The FTSE100 index had a week up by +1.55%
For the week ahead we are in favour of a possible consolidation in the 7,900 area
Indicators
Positive week for the British index that saw the price holding at all time high
The strong upward extension makes us remain skeptical and we believe that the surrounding scenario is in any case very fragile: at the same time it is advisable not to fight the strong price action but rather wait for a break of the 5MA that has been holding the price since the end of 2022.
MACD and RSI keep remaining in overbought territory and in a strong negative divergence with the price. Important to notice that they have reached very high readings also on a weekly basis.
The risk-reward is unbalanced in favour of downsides but we believe it is appropriate to wait for price signals: specifically, the three obstacles to overcome on the downside are the 9-day average (red line) and the price level at 7.800 in the very short term term. Then it will be necessary to see how the price will behave near the 50-day average (yellow line) to forecast next moves.
We remain bearish on the FTSE100 given the over-extension to the upside and we rather wait for a first dip below 7,800.
Support at 7,400
Resistance at 8,050
FTSEMIB (#FTSEMIB)
The FTSEMIB index had a week up by +1.77%
We are in favour of a consolidation in the 27,000 area for the week ahead