Ichimoku Analysis (1- Hour chart)
Tenken-Sen- 6710
Kijun-Sen-6739
FTSE100 recovered slightly after five days of a bearish trend. The optimistic US economic data and upbeat market sentiment is supporting global stock markets. The extension of lockdown in Germany, Netherlands, and fear of the third wave of coronavirus in European countries is preventing further upside. UK retail sales rose by 2.1% in Feb compared to a forecast of 2.2%. FTSE100 hits an intraday high of 6735 and currently trading around 6715.8.
The near-term resistance to be watched is 6730 (200-H MA); any close above will take the index till 6788/6805/6825. Significant bullish trend continuation only if it crosses 7000. On the lower side, near-term support is around 6680, and any violation below targets 6640/6600/6549.
Indicator (1 Hour chart)
CAM indicator – Bearish
Directional movement index – Bullish
It is good to sell on rallies around 6745-50 with SL around 6800 for the TP of 6600.
