UK100 FTSE Technical Analysis & Trade Idea

#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.