Like its US and German counterparts, the UK100 saw a decline starting in mid-December, dropping 400 points before finding support. Over the past few weeks, the index has rebounded by more than 200 points, signaling buyers have regained control. The strong upward momentum is further confirmed by a Golden Cross, a classic buy signal.
However, since Friday, the FTSE has pulled back slightly, dropping 80 points to retest immediate support at the 23% Fibonacci retracement. In the short term, this decline could extend further, potentially reaching 8,160, which aligns with the critical 38.2% Fibonacci level.
If the price holds above this level, it would strongly suggest that the index has established solid support in this zone. In such a scenario, we favor entering a buy position, targeting 8,400. This target aligns with the broader upward trend and offers a strong risk-to-reward setup for traders anticipating continued bullish momentum in the UK100 index.
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