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Weekly market brief: 26 - 30 December 2022


Financial index

Current price

Forecast

S1

R1

S2

R2

​FTSE100

7,496

Bearish/ Cons.

7,200

7,600

7,100

7,670

FTSEMIB

23,920

Bearish/ Cons.

22,500

24,850

21,000

25,500

DAX 40

13,971

Bearish/ Cons.

13,100

14,550

12,650

15,000

S&P 500

3,844

Bearish/ Cons.

3,750

4,100

3,600

4,180

NASDAQ 100

10,985

Cons./ Bullish

10,400

12,000

10,000

12,700

DOW JONES

33,203

Bearish/ Cons.

31,200

34,500

30,200

35,000

TADAWUL

10,232

Cons./ Bullish

10,000

11,200

9,700

11,700

FTSE ADX

10,306

Consolidation

9,900

10,750

9,680

11,000

DFM

3,316

Cons./ Bullish

3,270

3,500

3,100

3,730

S: Support R: Resistance

FTSE 100 (#UKX)

The FTSE100 index had a week up by +1.92%

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


Indicators

Positive week which sees the price returning to a strong intermediate resistance area.


The continued hold above the 50-day average (yellow line) is a positive indicator that could push the price to a possible re-test of 7.600 for the last week of 2022.


MACD and RSI mirror the price action and are both back in bullish territory.


Despite a positive swing in price, we believe that the rebound on the 50-day average can only give rise to short-term gains, to then continue downwards to at least 7.100.

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)

The FTSEMIB index had a week up +0.80%

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