FxWirePro: Sell FTSE100 on rallies

Ichimoku Analysis (4-hour chart)

Tenken-Sen- 5976

Kijun-Sen- 6033

FTSE100 continues to trade lower following the footsteps of US markets. The U.S markets slumped drastically 5%, especially NASDAQ  on profit booking. The weak British economic data and increasing job loss have decreased the chance of V-Shaped recovery.  The index hits an intraday low of 5837 and currently trading around 5867.

The near-term resistance to be watched is 5925, any violation above will take the index till 6000/6050/6100/6175. Significant bullish trend continuation only if it crosses 6350.

It is good to sell on rallies around 5935-40 with SL around 6000 for the TP of 5800.