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Weekly market brief: 6 -10 March 2023


Financial index

Current price

Forecast

S1

R1

S2

R2

​FTSE100

7,947

Cons./ Bearish

7,400

8,050

7,200

8,160

FTSEMIB

27,963

Cons./ Bearish

24,800

27,900

24,000

28,400

DAX 40

15,578

Cons./ Bearish

13,800

15,800

13,400

16,200

S&P 500

4,045

Consolidation

3,750

4,200

3,600

4,300

NASDAQ 100

12,290

Consolidation

11,000

12,700

10,500

13,300

DOW JONES

33,390

Consolidation

31,200

34,500

30,200

35,000

TADAWUL

10,227

Consolidation

10,000

11,200

9,700

11,700

FTSE ADX

9,906

Consolidation

9,680

10,300

9,680

11,000

DFM

3,420

Consolidation

3,270

3,500

3,100

3,730

S: Support R: Resistance

FTSE 100 (#UKX)

The FTSE100 index had a week up by +0.87%

For the week ahead we are in favour of a possible consolidation in the 7,900 area


Indicators

Positive 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 7,900 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 keep weakening: negative divergence with the price action.


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 up by +3.21%

We are in favour of a consolidation in the 28,000 area.

Indicators

Positive week that fully recover recent weakness and seems willing to proceed higher.

MACD and RSI keep being in overbought area and in negative divergence with the price action