Ichimoku Analysis (4-Hour chart)
Tenken-Sen- 6256
Kijun-Sen- 6130
FTSE100 recovered sharply after a minor consolidation. The short term trend is still bullish as long as support 6165 holds. The index has gained following footsteps of the global market. US markets gained for 4th week in the past 5 weeks on easing US-China trade tension. But fear of the second wave of coronavirus might cap the upside above 6515 (Jun 8th high). It is currently trading around 6320.
The near-term resistance to be watched is 6356, and any violation above will take the index till 6390/6500. Significant trend continuation only if it crosses 6515.
The immediate support is around 6165 (100-4H MA), an indicative violation below targets 6100/6000. Bearish continuation only if it breaks below 5891.
It is good to buy on dips around 6265-70 with SL around 6165 for the TP of 6500.
