Ichimoku Analysis (4-Hour chart)
Tenken-Sen- 6240
Kijun-Sen- 6088
FTSE100 showed a massive decline of more than 5% on global sell-off. US Market especially Dow Jones lost more than 1800 points on increase in coronavirus case in U.S. The number of new case in Florida rose by 1698, a one day record. The UK index hits a low of 6274 and is currently trading around 6018.
The near-term resistance to be watched is 6108 (55- day 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 5970, an indicative violation below targets 5891. Bearish continuation only if it breaks below 5891.
It is good to sell on rallies around 6115-20 with SL around 6200 for the TP of 5900.
