Ichimoku Analysis (Daily chart)
Tenken-Sen- 5883
Kijun-Sen- 5953
FTSE100 recovered sharply from a low of 5938 made yesterday. The Manufacturing PMI for May came at 40.6 vs forecast 35.1, better than Apr reading of 32.6. The services PMI read at 27.8 vs estimate 24.1 and notably increase from Apr's 13.4.
On the higher side, near term resistance is around 6123 (May19t high) and violation beyond will take the index till 6200. Bullish Persistence only past 6200. The immediate support is around 6000, indicative violation below targets 5938/5889. Bearish continuation only if it breaks below 5800.
It is good to buy on dips around 5940-45 with SL around 5889 for the TP of 6100.
