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Weekly market brief: 6 -10 February 2023


Financial index

Current price

Forecast

S1

R1

S2

R2

​FTSE100

7,901

Cons./ Bearish

7,400

7,900

7,200

7,800

FTSEMIB

26,950

Cons./ Bearish

24,800

27,200

24,000

28,000

DAX 40

15,476

Cons./ Bearish

14,200

15,500

13,800

15,800

S&P 500

4,136

Consolidation

3,750

4,200

3,600

4,300

NASDAQ 100

12,573

Consolidation

11,000

12,700

10,500

13,300

DOW JONES

33,926

Consolidation

31,200

34,500

30,200

35,000

TADAWUL

10,551

Consolidation

10,000

11,200

9,700

11,700

FTSE ADX

9,931

Consolidation

9,680

10,300

9,680

11,000

DFM

3,382

Consolidation

3,270

3,500

3,100

3,730

S: Support R: Resistance

FTSE 100 (#UKX)

The FTSE100 index had a week up by +1.76%

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


Indicators

Positive week that saw the British index reaching all-time highs


The strong upward extension makes us remain skeptical and we believe that the surrounding scenario is in any case very fragile: at the same time it is advisable not to fight the strong price action but rather wait.


MACD and RSI are in overbought territory and in a strong negative divergence with the price.


The risk-reward is unbalanced in favour of downsides but we believe it is appropriate to wait for price signals: specifically, the three obstacles to overcome on the downside are the 9-day average (red line) and the price level at 7.700 in the very short term term. Then it will be necessary to see how the price will behave near the 50-day average (yellow line).


We remain bearish on the FTSE100 given the over-extension to the upside but await an initial dip below 7,700.


Support at 7,400

Resistance at 7,900



FTSEMIB (#FTSEMIB)

The FTSEMIB index had a week up by +1.95%

We are in favour of a consolidation in the 25,600 area for the week ahead