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