Ichimoku Analysis (1-hour chart)
Tenken-Sen- 6269
Kijun-Sen- 6275
FTSE100 declined sharply after a minor jump till 6352. The decline was mainly due to a sharp fall in S&P500 futures. The jump in the number of corona cases especially in the U.S has increased demand for Safe-haven assets like the gold, yen. The short term trend is slightly bearish as long as resistance 6500 holds. The index has gained more than 7% in the past 1-week on COVID-19treatment optimism. It is currently trading around 6209.60.
The near-term resistance to be watched is 6356, and any violation above will take the index till 6390/6500. Significant trend continuation only if it crosses 6515.
The immediate support is around 6180 (Jun 18th low), an indicative violation below targets 6100/6000. Bearish continuation only if it breaks below 5891.
It is good to sell on rallies around 6285-90 with SL around 6360 for the TP of 6100.
