Ichimoku Analysis (4-Hour chart)
Tenken-Sen- 6221
Kijun-Sen- 6159
FTSE100 showed a nice recovery of more than 200 points from a low of 5930. The short term trend is still bullish as long as support 5930 holds. The index has gained on speculation that Trump is planning to announce a $1 trillion spending package which will boost jobs and spending by the public. But fear of the second wave of coronavirus might ap the upside above 6515 (Jun 8th high). It is currently trading around 6020.
The near-term resistance to be watched is 6320, and any violation above will take the index till 6390/6500. Significant trend continuation only if it crosses 6515.
The immediate support is around 6147 (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 6185-90 with SL around 6098 for the TP of 6390.
