Ichimoku Analysis (Hourly chart)
Tenken-Sen- 7560
Kijun-Sen- 7580
FTSE100 has halted its 1-month of the bullish trend and lost more than 150 pips on an escalation of tension between the US and Iran. The geopolitical risks have dented demand for riskier assets like stocks. The index was one of the best performers in the month of Dec 2019 and jumped more than 500 points from the bottom 7134 levels. It hits an intraday low of 7525.
Technically FTSE100 is trading slightly below 200-H MA at 7570, any hourly close below targets 7470/7408.
The near-term resistance is around 7598, an indicative break above will take the index till 7625/7683.
It is good to sell on rallies around 7560-65 with SL around 7600 for the TP of 7410.
