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Weekly market brief: 27 February - 3 March 2023


Financial index

Current price

Forecast

S1

R1

S2

R2

​FTSE100

7,878

Cons./ Bearish

7,400

8,050

7,200

8,160

FTSEMIB

26,986

Cons./ Bearish

24,800

27,900

24,000

28,400

DAX 40

15,209

Cons./ Bearish

14,200

15,500

13,800

15,800

S&P 500

3,970

Consolidation

3,750

4,200

3,600

4,300

NASDAQ 100

11,969

Consolidation

11,000

12,700

10,500

13,300

DOW JONES

32,816

Consolidation

31,200

34,500

30,200

35,000

TADAWUL

10,153

Consolidation

10,000

11,200

9,700

11,700

FTSE ADX

9,765

Consolidation

9,680

10,300

9,680

11,000

DFM

3,419

Consolidation

3,270

3,500

3,100

3,730

S: Support R: Resistance

FTSE 100 (#UKX)

The FTSE100 index had a week down by -1.57%

For the week ahead we are in favour of a possible consolidation in the 7,750 - 7,800 area


Indicators

Negative week for the British index that has now broken the upside trendline in place since October 2022.


The upward extension is still very strong and we can expect a consolidation in the 7,750 -7,800 for the week ahead. This area is important because of the confluence of 50MA (yellow line) as well as concentration of volume from end of January price action.


MACD and RSI have left overbought condition and they are approaching negative territory.

The risk-reward still remain unbalanced toward the downside and we’ll have to see how the price will behave on the 50MA.


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 down by -2.76%

We are in favour of a consolidation between 26,000 - 26,500.


Indicators

Negative week for the Italian index that seems to repeat the price action that took place toward Dece