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Weekly market brief: 30 January - 3 February 2023


Financial index

Current price

Forecast

S1

R1

S2

R2

​FTSE100

7,765

Cons./ Bearish

7,400

7,900

7,200

7,800

FTSEMIB

26,435

Cons./ Bearish

23,400

25,900

22,400

26,500

DAX 40

15,150

Cons./ Bearish

13,800

15,200

13,400

15,500

S&P 500

4,070

Consolidation

3,750

4,100

3,600

4,180

NASDAQ 100

12,166

Consolidation

10,400

12,000

10,000

12,700

DOW JONES

33,978

Consolidation

31,200

34,500

30,200

35,000

TADAWUL

10,847

Consolidation

10,000

11,200

9,700

11,700

FTSE ADX

9,373

Consolidation

9,900

10,750

9,680

11,000

DFM

3,329

Consolidation

3,270

3,500

3,100

3,730

S: Support R: Resistance

FTSE 100 (#UKX)

The FTSE100 index had a week down by -0.07%

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


Indicators

Slightly negative week that sees the British index remaining below the 5-day average. That this could be the beginning of a major retracement is still too early, but looking at internal indicators, the conditions seem to be in place for a market reversal.


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)

The FTSEMIB index had a week up by +2.56%

We are in favor of a consolidation in the 25,500 area for the week ahead


Indicators

Very positive week for the Italian index which is now less than 2,000 points from the 2021 highs.