Ichimoku Analysis (Daily chart)
Tenken-Sen- 7057
Kijun-Sen-6996
FTSE100 has shown a nice pullback from a low of 7045. The jump was mainly due to a surge in travel stocks as the US has loosened its travel restrictions on major countries like Germany and France. Markets eye US CPI data and European Central Bank policy for further direction. The delay in reopening of lockdown due to the spread of the Indian corona variant is putting pressure on the index at higher levels. FSE100 should break above 7170 for further bullishness. The FTSE100 hits an intraday high of 7112 and currently trading around 7104.
The near-term resistance to be watched is 7125 any break above will take the index till 7170/7220. Significant bullish trend continuation only if it closes above 7200. On the lower side, near-term support is around 7020, and any violation below targets 6985/6920/6900/6820.
Indicator (Daily chart)
RSI – Bullish
Directional movement index – Neutral
It is good to buy on dips around 7080-85 with SL around 7000 for the TP of 7240.
