Ichimoku Analysis (4-hour chart)
Tenken-Sen- 7488
Kijun-Sen- 7478
FTSE100 is trading higher for the past 3 trading days after making a low of 7427. The jump was mainly due to strong global markets despite the outbreak of coronavirus. US markets especially S&P500 surged more than 2% in the past 3 days. But US futures lost nearly 0.50% after Hubei reported 14480 new cases, the death toll rose to 1300. It hits high of 7556 and is currently trading around 7505.
Technically, near term support is around 7479 (200-4H MA) and any violation below will drag the index down till 7445/7400.
The near-term resistance is around 7525, an indicative break higher 7560/7600/7640. Primary trend continuation only beyond 7700.
It is good to buy on dips around 7460 with SL around 7425 for the TP of 7690.
