Ichimoku Analysis (4-hour chart)
Tenken-Sen- 6104
Kijun-Sen- 6036
FTSE100 has shown a minor recovery on the positive cues of Wall Street. US Treasury Secretary Steven Mnuchin has expressed his willingness for negotiations with Democrats. The number of who applied for unemployment benefits rose by 94400 in July much more than the forecast of 77500. The S&P futures are trading slightly higher and currently trading around 3371.
The near-term resistance to be watched is 6220 and any violation above will take the index till 6275/6325. Significant trend continuation only if it crosses 6352.
The immediate support is around 6133, any indicative violation below targets 6088/6030/5980. Bearish continuation only if it breaks below 5800.
It is good to sell on rallies around 6235-40 with SL around 6330 for the TP of 5850.
