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