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The FTSE-100 is still in a bear-market rally as it failed to turn bullish and eclipse its 200-day moving average last week, Robin Griffiths from Cazenove Capital said Monday.
"There's a little bit more upside to the rally," Griffiths told CNBC. "We have had a V-shaped recovery in the stock market."
"V-shaped lows in stock markets have a very low probability of just going straight on up," he said, adding that the index will re-test its March low.
The economic recovery will be L-shaped for the UK, he said.
Vodafone's stock is one of the important British stocks that needs to rise in order for there to be a bull market, Griffiths said.
"These are stocks we've got to see go into proper uptrends, then we can have a proper bull market," he said.
- Watch the full interview with Robin Griffiths above.
"Neither the figures that came out from Vodafone, nor the current chart pattern shows it's done anything other than find a level where it can sort of bump along," he told CNBC.
And the German market can't rally without Siemens, Griffiths noted.
Uranium company Cameco Corporation holds a great deal of potential as consumers are looking for cheap electricity without increasing carbon emissions, according to Griffiths.
"The nuclear industry is likely to get a lot bigger going forward," he said.
"All of the uranium plays suddenly jumped to life together. It's an almost 'flavor-of-the-month' story," he said. "Because it's overbought, we see a little bit of profit taking coming up, but this is probably the start of a big long-running story."
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