top of page

Weekly market brief: 23 - 27 January 2023


Financial index

Current price

Forecast

S1

R1

S2

R2

​FTSE100

7,770

Cons./ Bearish

7,400

7,900

7,200

7,800

FTSEMIB

25,775

Consolidation

23,400

25,900

22,400

26,500

DAX 40

15,033

Consolidation

13,800

15,200

13,400

15,500

S&P 500

3,972

Cons./ Bullish

3,750

4,100

3,600

4,180

NASDAQ 100

11,619

Cons./ Bullish

10,400

12,000

10,000

12,700

DOW JONES

33,375

Cons./ Bullish

31,200

34,500

30,200

35,000

TADAWUL

10,713

Cons./ Bullish

10,000

11,200

9,700

11,700

FTSE ADX

10,186

Consolidation

9,900

10,750

9,680

11,000

DFM

3,352

Cons./ Bullish

3,270

3,500

3,100

3,730

S: Support R: Resistance

FTSE 100 (#UKX)

FTSE100 index had a week down by -0.94%

For the week ahead we are in favour of a possible retracement to the 7,650 area


Indicators

Slightly negative week that saw the British index close below the 5-day average for the first time from the beginning of 2023. It is still too early that this could be the beginning of a more important retracement, but looking at the internal indicators, the conditions seem to be in place.


At the moment we do not exclude a back-test of the previous breakout area and then continue downwards


MACD and RSI, left the overbought areas, are now reversing to the downside.


We believe that risk-reward is still in favour of short-medium term downsides with the first target at 7,650 and then, in our view, proceed further downside 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)

FTSEMIB index had a week down by -0.03%

We are in favor of a consolidation in the 25,000 area for the week ahead

<