#UK100 Observations:
- Monthly and weekly charts indicate weakening bullish momentum.
- Significant resistance encountered at a key level suggests a potential reversal.
- 61.8 Fibonacci retracement zone identified as a logical downside target.
Trade Idea:
- Short position on the #FTSE.
- Place stop-loss above recent swing high.
- Primary target: Previous swing low on the daily (1D) chart for a 3:1 risk-to-reward ratio.
- Consider partial profit closure at the 1:1 risk-to-reward level.
Important Disclaimer:
This analysis offers a technical perspective and not direct financial advice. Conduct thorough market research and implement sound risk management strategies before executing trades.
- Monthly and weekly charts indicate weakening bullish momentum.
- Significant resistance encountered at a key level suggests a potential reversal.
- 61.8 Fibonacci retracement zone identified as a logical downside target.
Trade Idea:
- Short position on the #FTSE.
- Place stop-loss above recent swing high.
- Primary target: Previous swing low on the daily (1D) chart for a 3:1 risk-to-reward ratio.
- Consider partial profit closure at the 1:1 risk-to-reward level.
Important Disclaimer:
This analysis offers a technical perspective and not direct financial advice. Conduct thorough market research and implement sound risk management strategies before executing trades.
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