Ichimoku analysis (Hourly Chart)
Tenken-Sen- 6597
Kijun-Sen- 6655
FTSE100 is trading higher and recovered more than 100 points from a low of 6545. The index was one of the best performers in the past one and a half months and jumped more than 7.5% on upbeat market sentiment. The coronavirus vaccine rolls out in the UK and the declining number of cases is also supporting the FTSE index. The surge in the pound sterling is putting pressure on the index at higher levels. It hits an intraday high of 6675 and is currently trading around 6634.
On the higher side, near-term resistance is around 6652 (200-H MA) and an hourly close above that targets 6700/6793.
The immediate support is around 6545, any violation below that level will drag the index to the next level till 6500/6467/6400.
It is good to buy on dips 6550-55 with SL around 6500 for TP of 6790.
