The US100 index recently underwent a significant correction, dropping 1,300 points to establish support at the 20,800 level. This decline created a notable Double Bottom chart pattern, a classic bullish reversal signal that often attracts buying interest. True to form, buyers entered the market, driving prices higher as confidence in the reversal grew.
A critical milestone in the recovery was the decisive breakout above the 61.8% Fibonacci retracement level, a key technical indicator often viewed as a confirmation of continued upward momentum. This breakout not only reinforced bullish sentiment but also suggested the possibility of sustained growth.
As the index builds on this strength, the next significant resistance zone lies above the 22,000 mark, making it a logical target for market participants. The combination of strong support, a bullish pattern, and a Fib level breach provides a solid foundation for further gains, signaling that the recent correction could lead to an extended upward trend in the US100.
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