Ichimoku Analysis (Hourly chart)
Tenken-Sen- 7195
Kijun-Sen- 7169
FTSE100 has formed almost a double top around 7230 and shown a minor decline of more than 60 points. It hits low of 7167 and shown a recovery till 7187. The overall trend is bullish as markets eyes more stimulus from major economies. Short term trend is still bullish as long as support 7100 holds.
On the higher side, near term resistance is around 7192 and any violation above will take the index till 7235-40/7285. It should break above 7305 for further bullish continuation.
The near term support is around 7140 and any convincing break below will drag the index down till 7100. Minor trend reversal below 7100 and major bearish continuation only below 7000.
It is good to buy on dips around 7145-50 with SL around 7100 for the TP of 7240/7285.
