Ichimoku Analysis (Daily chart)
Tenken-Sen- 6600
Kijun-Sen-6584
FTSE100 has taken support near 200- day EMA, shown a minor recovery of 200 points. The upbeat market sentiment due to coronavirus vaccine optimism and decline in the number of new cases is supporting the index at lower levels. Markets eye UK annual budget today for further direction. The index hits an intraday high of 6678 and currently trading around 6671.
The near-term resistance to be watched is 6710; any violation above will take the index till 6800/6825/6898. Significant bullish trend continuation only if it crosses 7000. On the lower side, near-term support is around 6550, and any violation below targets 6500/6466/6400.
It is good to buy on dips around 6580-85 with SL around 6500 for the TP of 6825.
