Ichimoku Analysis (8-hour chart)
Tenken-Sen- 6057
Kijun-Sen- 5942
FTSE100 continues to trade higher for the 5th consecutive day and jumped more than 300 points. The jump was mainly due to an increase in risk appetite on corona vaccine hopes. The global stock market especially S&P500 surged sharply and hits a 3-month high. The UK index is holding above 6200 levels and is currently trading around 6216.
The near-term resistance to be watched is 6263 (161.8% fib), and any violation above will take the index till 6300/6400/6445. Significant trend continuation only if it crosses 6500.
The immediate support is around 6100, indicative violation below targets 6050/6000. Bearish continuation only if it breaks below 5890.
It is good to buy on dips around 6180-85 with SL around 6100 for the TP of 6300/6400.
