As @Traderwell requested, here’s my view about the UK100!
Short-term, the 7072 is a support that must not be lost, otherwise, we might just lose the 7k again. The breakpoint is 7118, as if UK100 breaks this point, then it’ll aim higher levels.
The danger lurking the index is the head and shoulders, a bearish pattern that has a neckline at the 7072, and the only way to avoid this scenario is by breaking the 7118.
This will make UK100 seek the next target at 7217, and cancel this bearish idea for good. I would like to see the BBs to get tighter in the 4h chart before anything else, tho.
For now, let’s focus on the 7072, as this is the most important line for us here.
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