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