Ichimoku Analysis (4-Hour chart)
Tenken-Sen- 6118
Kijun-Sen- 6222
FTSE100 showed a nice recovery of more than 100 points from a low of 5930. The short term trend is still bullish as long as resistance 6200 holds. The fear of the second wave of coronavirus has dragged entire global stock markets. US markets especially, S&P500 lost more than 9% from a recent high. The UK index hits a low of 5930 and is currently trading around 6020.
The near-term resistance to be watched is 6208 (55-4H EMA), and any violation above will take the index till 6240/6300. Significant trend continuation only if it crosses 6550.
The immediate support is around 5936, an indicative violation below targets 5891. Bearish continuation only if it breaks below 5891.
It is good to sell on rallies around 6175-80 with SL around 6250 for the TP of 5905.
