The FTSE 100 Index has rebounded in the past three months, moving from a low of £7,542 in April to the current £8,855. It has jumped by over 17.40%, a few points below the all-time high of £8,893.
The Footsie Index has jumped in line with the ongoing global indices surge. Most indices like the Dow Jones, Nasdaq 100, and S&P 500 have all formed a V-shaped recovery.
It has also jumped because of the relatively stability of the UK economy and the Bank of England (BoE) interest rate cuts. This article conducts an analysis on some of the top FTSE 100 shares like Glencore (GLEN), BT Group (BT.A), and Tesco (TSCO).
Glencore share price analysis
Glencore stock price has bounced back in the past few months, moving from a low of 202p in April to 306p today. Its stock will likely continue rising this month now that copper price is in a strong bull run after Trump’s tariff threat.
The Glencore stock price has surged above the 23.6% Fibonacci Retracement level at 271.15p. It has also moved above the 50-day and 100-day Exponential Moving Averages (EMA).
Further data shows that the Relative Strength Index (RSI) and the MACD indicators have continued rising.
Therefore, the most likely scenario is where GLEN share price continues rising as bulls target the 50% retracement point at 350p, up by 25% from the current level. A drop below the 23.6% retracement point at 271p will invalidate the bullish view.
BT Group share price technical analysis
Meanwhile, the BT Group share price has been in a strong bull run in the past few months, making it one of the best-performing FTSE 100 Index stock.
BT stock bottomed at 95.68p, its lowest swing in December 2022 and March 2024. It formed a double-bottom at that level and then moved above the key level at 142.4p, its highest point in April 2023.
BT shares have formed a golden cross pattern as the 50-week and 200-week Exponential Moving Averages crossed each other. It also moved above the key resistance level at 170p, its highest swing in 2021,
Oscillators like the RSI and the MACD have continued rising, and have moved to the overbought level. The Average Directional Index (ADX) has continued rising.
Therefore, the stock will likely continue rising as bulls target the key resistance level at 200p. The other alternative is for it to drop and retest the key support at 170p.
Tesco share price analysis
Tesco, the biggest retailer in the UK, has been in a strong bull run in the past few months. It has jumped from a low of 175.50p in October 2022.
The stock has remained above the important resistance level at 386.3p, its highest point in February this year. It has invalidated the double-top pattern, a popular bearish signal.
Tesco has remained above the 50-week and 100-week moving averages. Like Glencore and BT Group, the RSI and the MACD have all pointed upwards.
Therefore, the stock will likely drop and retest the support at 386p, and then rebound in the coming months. If this happens, the next point to watch will be 500p.
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