The 05/15/22 blog “Bullish Stock Signals From Europe and Asia illustrated that the UKX 100 Index (UKX) was the strongest of four major national stock indices. Today 05/17/22 UKX , had two additional bullish signals.
The daily UKX chart courtesy of Trading View illustrates the action.
UKX broke above Fibonacci .618 resistance of the 04/11/22 to 05/12/22 decline. Additionally, there was a daily MACD bullish lines crossover.
The next upside target is the 05/05/22 top. If this high is exceeded there could be what I call “hitting the dominos”. A move above the 05/05/22 top could trigger stop buy orders that could propel UKX to the next high at 04/21/22. The same process could happen at the 04/11/22 top and the 02/10/22 peak.
Correction: The 05/15/22 blog noted the UKX all-time high was made in January 2020. This was incorrect. The UKX all-time high was made in May 2018 which is 2.9% above the February 2022 peak. if UKX can exceed the February 2022 peak, the May 2018 top could be reached in a few trading days.