Ichimoku Analysis (Hourly chart)
Tenken-Sen- 6061
Kijun-Sen- 6044
FTSE100 has shown a minor recovery on the positive cues of Wall Street. US jobs data came much better than expected. The US economy has added 1763K jobs in Jul compared to an estimate of 1530K and unemployment at 10.2% vs 11.1% previous month. The mounting trade tensions between the US and China is putting pressure on global stock markets. The S&P futures are trading flat and currently trading around 3345.
The near-term resistance to be watched is 6101, and any violation above will take the index till 6128/6. Significant trend continuation only if it crosses 6130.
The immediate support is around 5980, any indicative violation below targets 5935/5850. Bearish continuation only if it breaks below 5800.
It is good to sell on rallies around 6070-75 with SL around 6150 for the TP of 5800.
