A couple of weeks ago, the UK's leading stock market index, the FTSE100, dropped to a low of 8000, forming a Double Bottom—a classic reversal pattern. Since then, the index has surged by over 320 points, signaling that buyers may have regained control. This is further supported by the emergence of a Golden Cross pattern, which underscores the strength of the new upward momentum. However, the inability of major US indices to recover and the slight pullback in the German DAX40 suggest the UK100 may also face a correction.
Despite these concerns, the broader uptrend and bullish momentum appear intact, as the RSI indicates no overbought conditions. However, caution is warranted, and entering long trades after a minor pullback would provide a more favorable risk-to-reward setup. Immediate support lies at 8250, aligned with the 23% Fibonacci retracement. A retest of this level—or slightly below—would be an ideal entry point, with a target set at the previous swing high near 8400.
Profit & Loss
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