UKX 100 Index is the Upside Leader

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.

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

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