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Ichimoku Analysis (4- Hour chart)
Tenken-Sen- 6757
Kijun-Sen-6761
FTSE100 breaks trend line support after a long consolidation. The surge in US bond yield is putting pressure on global stock markets. The US 10- year yield hits a 13-month high despite the dovish Fed. The Bank of England has kept its rates and bond-buying program unchanged as expected. It ha said that the central bank is not worried about rising bond yield. The shortage of COVID vaccine and US-China tensions also dragging FTSE down. It hits an intraday low of 6693 and currently trading around 6713.
The near-term resistance to be watched is 6820; any violation above will take the index till 6890/6963. Significant bullish trend continuation only if it crosses 7000. On the lower side, near-term support is around 6670, and any violation below targets 6600/6549.
Indicator (1 Hour chart)
CAM indicator – Bearish
Directional movement index – Bearish
It is good to sell on rallies around 6845-50 with SL around 6900 for the TP of 6600.
