Ichimoku Analysis (Daily chart)
Tenken-Sen- 6100
Kijun-Sen- 6061
FTSE100 continues to trade higher for 4th consecutive as market risk appetite improves. The global stock market surged sharply especially S&P500 crossed major psychological level 3000. The UK index downside capped by 200-HMA and shown more than 200 points recovery. It hits an intraday high of 6155 and is currently trading around 6150.
The near-term resistance to be watched is 6200, and any violation above will take the index till 6263 (161.8% fib)/6300/6400. 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 6100 with SL around 6048 for the TP of 6200/6262.
