FxWirePro: Sell FTSE100 on rallies
Ichimoku Analysis (4-hour chart)
FTSE100 is trading lower after hitting high of 6311 on Friday. Investors await stimulus package from the British government and trade talks for further direction. The increase in the number of new cases in the U.S is putting pressure on risk assets like stocks. The S&P futures are trading lower after hitting a high of 3194 yesterday. Any break below 3140 confirms minor weakness.
The near-term resistance to be watched is 6225, and any violation above will take the index till 6275/6300/6352. Significant trend continuation only if it crosses 6352.
The immediate support is around 6180, an indicative violation below targets 6100/6035/6000/5900. Bearish continuation only if it breaks below 5891.
It is good to sell on rallies around 6225-30 with SL around 6325 for the TP of 5935.