Ichimoku Analysis (Weekly chart)
Tenken-Sen- 5820
Kijun-Sen- 6263
FTSE100 is trading higher for 3rd consecutive week and recovered more than 450 pips on a positive global stock market. The opening up of economies and hopes of COVID-19 has increased demand for risk appetite. Markets eye Brexit final talks for further direction. The UK index hits an intraday high of 6369 and is currently trading around 6369.
The near-term resistance to be watched is 6400, and any violation above will take the index till 6504 (trend line resistance)/6600 (61.8% fib). Significant trend continuation only if it crosses 6739.
The immediate support is around 6200, indicative violation below targets 6100/6047/6000. Bearish continuation only if it breaks below 5890.
It is good to buy on dips around 6280-85 with SL around 6200 for the TP of 6504/6600.
