Tenken-Sen- 6281
Kijun-Sen- 6088
FTSE100 is trading lower after 3 weeks of bullishness and lost nearly 100 points. The slight decline in the global stock market due to profit booking is putting pressure on FTSE. US markets especially NASDAQ hit an all-time high on hopes of V-Shaped recovery after coronavirus. The UK index hits a high of 6515 and is currently trading around 6436.
The near-term resistance to be watched is 6550 (trend line joining 5863 and 6197), and any violation above will take the index till 6637 (200-day EMA)/6700. Significant trend continuation only if it crosses 6853.
The immediate support is around 6365 (100-day MA), indicative violation below targets 6300/6269/6200. Bearish continuation only if it breaks below 6200.
It is good to sell on rallies around 6455-60 with SL around 6520 for the TP of 6300.
