Ichimoku Analysis (4-hour chart)
Tenken-Sen- 6120
Kijun-Sen- 6096
FTSE100 is trading higher despite weak UK GDP data. The economy for the second quarter has dropped to minus 20.4% slightly above expectations -20.5%. The June GDP came at 8.7% vs estimate of 8.1%. The global markets are trading positive after Russia announced a vaccine for COVID-19. The S&P futures are trading slightly higher and currently trading around 3356.
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 6097, any indicative violation below targets 6030/5980. Bearish continuation only if it breaks below 5800.
It is good to buy on dips around 6175-80 with SL around 6100 for the TP of 6300.
