- 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.