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