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FTSE 100 (UKX)
FT100 TR () ended the week up by + 0.66%. For the approaching week, we might see a consolidation between 7.400 – 7.350 adopted by a transfer to the upside.
Indicators
The parallel channel of the FTSE 100 continues between 7.300 – 7.600 with the realm round 7.190 as soon as once more confirmed as a reversal level.
For the approaching week, we might anticipate a consolidation with subsequent upward thrust. Particularly, the index might barely retrace to 7.350 to then presumably intention for a break of the present resistance degree.
MACD and RSI sign a resumption of vigor, with the previous desiring to reverse to the upside and the RSI near breaking the bearish trendline and the 50 line (bullish).
We stay optimistic on the British index, within the brief to medium time period with a good sequence of upper highs from 10 Might.
Assist at 7.300
Resistance at 7.450
FTSEMIB
The had per week up by +2.60%. For the week, we might see a consolidation between 23.250 – 24.600 adopted by a push to the upside.
Indicators
The week simply ended noticed the Italian index, on Friday, exceeding the 9MA (crimson line) which we consider to be a short-term optimistic indicator. Observing previous value motion, we famous optimistic efficiency after comparable strikes.
On the identical time, the FTSEMIB is now re-testing the bearish trendline in place since early 2022 (which coincides with the 50MA—yellow line).
MACD and RSI appear to favor a bullish push for the index, with the previous near a reversal to the upside and the latter on the 50 line (bullish).
We’re optimistic on the FTSEMIB and consider {that a} consolidation above 24.250 might then result in additional upside.
Assist at 22.900
Resistance at 24.250
DAX 40
The ended the week up by 3.01%. The approaching week might see a consolidation between 13.800 -14.050 to then shifting increased.
Indicators
The German index is once more near the 50MA (yellow line) which has performed the position of dynamic resistance in current months.
MACD and RSI seem to help a bullish restoration within the DAX, with the previous close to a bullish crossover and the latter very shut to interrupt the 50 line (bullish).
It’s nonetheless too early to grasp if the index will be capable of break the resistance degree (and 50MA) to reverse to the upside.
A state of affairs like that of Mar. 29, Apr. 21, and Might 5 remains to be attainable. On the identical time, we consider that the best distinction between the present value motion and people previous lies within the RSI: the indicator exited the oversold space and broke the bearish trendline in place since March 2022, which did not occurred on earlier events.
We’re optimistic on the DAX and in favor of a attainable brief to medium time period upside reversal.
Assist at 13.600
Resistance at 14.050
S&P 500
The had per week down by -0.84%. For the week forward, we’re in favor of a restoration to no less than 4.150.
Indicators
The robust inexperienced candles within the remaining days of the week make us lay out a resumption of vigor within the SPX additionally contemplating the robust downward extension. previous value motion, the low volumes space between 3.850 and 4.150 might result in fast value actions.
MACD and RSI are each very prolonged to the draw back with the RSI in optimistic divergence with the value.
As additionally identified final week, we consider that the Index is now strongly prolonged to the draw back, shifting its threat/reward in favor of lengthy positions.
The short-term goal is at 4.150; a break of it might then carry the index to 4.300 within the medium time period.
Assist at 3.850
Resistance at 4.150
NASDAQ 100
The ended the week down by -0.53%. For the approaching week, we’re in favor of a consolidation between 12.600-13.000 adopted by a bullish upside.
Indicators
Regardless of one other bearish week, we consider that the index could quickly start a gradual upward restoration. We consider it is usually supported by a slowdown within the weekly declines.
The value motion of the week simply ended proceed to be above the bearish trendline which we consider to be a optimistic indicator. Additional affirmation might be given by a break of the 9MA (crimson line) at 12.600.
MACD and RSI are each very prolonged to the draw back, which makes us shift the danger/reward ratio in favor of attainable value restoration and pattern reversals. We spotlight additionally a light optimistic divergence between RSI and value.
Nonetheless on the RSI, one other issue to watch is the bearish trendline in existence since March 2022; a break of it might be very optimistic in a short-medium time period perspective.
The value motion on the trendline mixed with oversold inside indicators make us stay optimistic on the NASDAQ and in favor of a value restoration with a short-term goal of 13,500 (robust breaking level)
Assist at 12.200
Resistance at 13.500
Dow Jones
The had per week down by -0.81%. For the week forward, we anticipate a bullish restoration to no less than 33.200.
Indicators
We consider that the reversal at 31.250 is an efficient brief to medium time period indicator that would place the Index value motion within the broad channel between 32,000 and 34,000 (just under the 50MA – yellow line).
MACD and RSI are actually very prolonged to the draw back, which makes us lean in the direction of a restoration in energy of the index and upward strikes within the brief time period. Additional affirmation might be given by the break of the 9MA (crimson line) at 32.600.
We’re optimistic on the DJI and consider that the 32.000 degree can now function a help for a bullish restoration within the index.
Assist at 32.000
Resistance 34.000
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