Ichimoku Analysis (Daily chart)
Tenken-Sen- 6090
Kijun-Sen- 6094
FTSE100 continues to trade weak for 2nd consecutive week and hits 6-week low at 5857. The fear of the second wave of coronavirus and UK and US trade worries is dragging the index down. The UK government is considering the worst worse scenario to lockdown London to prevent further corona spread. The S&P futures are trading flat and currently trading around 325.
The near-term resistance to be watched is 6000, and any violation above will take the index till 6055/6100/6171. Significant trend continuation only if it crosses 6352.
The immediate support is around 5850 an indicative violation below targets 5800/5660. Bearish continuation only if it breaks below 5800.
It is good to sell on rallies around 6000-10 with SL around 6100 for the TP of 5800.
