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FxWirePro: FTSE100 downside capped by 200- day EMA, good to buy on dips

Ichimoku Analysis (Daily chart)

Tenken-Sen- 6358

 

Kijun-Sen-5993

FTSE100 was one of the best performing indexes in the month of November and jumped more than 15% on upbeat market sentiment.  US indices surged sharply and hits an all-time high on COVID vaccine optimism. UK government approves Pfizer and BioNtech COVID-19 vaccine is also supporting the prices.  The index hits an intraday high of 6469 and currently trading around 6444.

 

The near-term resistance to be watched is 6470; any violation above will take the index till 6515/6592. Significant bullish trend continuation only if it crosses 6515. On the lower side, near term support is around 6350, and any violation below targets 6300/6229.

 

It is good to buy on dips around 6400 with SL around 6340 for the TP of 6515/6590.

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