Financial index | Current price | Forecast | S1 | R1 | S2 | R2 |
​FTSE100 | 7,699 | Cons./ Bearish | 7,300 | 7,750 | 7,200 | 7,850 |
FTSEMIB | 25,180 | Consolidation | 23,000 | 25,500 | 22,000 | 26,200 |
DAX 40 | 14,610 | Consolidation | 13,400 | 14,650 | 13,000 | 15,000 |
S&P 500 | 3,895 | Cons./ Bullish | 3,750 | 4,100 | 3,600 | 4,180 |
NASDAQ 100 | 11,040 | Cons./ Bullish | 10,400 | 12,000 | 10,000 | 12,700 |
DOW JONES | 33,630 | Cons./ Bullish | 31,200 | 34,500 | 30,200 | 35,000 |
TADAWUL | 10,531 | Cons./ Bullish | 10,000 | 11,200 | 9,700 | 11,700 |
FTSE ADX | 10,197 | Consolidation | 9,900 | 10,750 | 9,680 | 11,000 |
DFM | 3,302 | Cons./ Bullish | 3,270 | 3,500 | 3,100 | 3,730 |
S: Support R: Resistance
FTSE 100 (#UKX)
The FTSE100 index had a week up by +3.32%
For the week ahead we are in favour of a possible retracement to the 7,500 area
Indicators
Very positive week for the British index which returns to the 2022 highs'.
The area of 7,000-7,750 represents a strong resistance that has never been overcome and we believe that even in this case there is not the necessary strength to proceed further upwards. Has happened before, a move up is usually proceed by a retracement first.
MACD and RSI are both very extended to the upside with the latter in overbought territory and negative divergence with the price action.
The price action regularity during 2022 we believe to be a strong direction indicator for the index and we reiterate that risk/reward is now in favour of possible market reversals. In addition, the exit from the Bollinger bands keeps us even more defensive for the week ahead
We remain bearish on the FTSE 100 and await a sizeable market reversal.
Support at 7,300
Resistance at 7,750
FTSEMIB (#FTSEMIB)
The FTSEMIB index had a week up by +6.22%
For the week ahead we