Ichimoku Analysis (4-hour chart)
Tenken-Sen- 7543
Kijun-Sen- 7467
FTSE100 is holding above the 7500 levels as US stocks gained on energy price rise. The surge in Pound sterling due to upbeat UK PMI data is supporting FTSE at lower levels. It has surged to 57.30 in Jan, the fastest rate in six months. Markets eye Bank of England Monetary policy meeting tomorrow for further direction. It hits an intraday high of 7592 and is currently trading around 7580.90.
The near-term resistance to be watched is 7650 and any violation above will take the index till 7725/7800/7900. Significant trend continuation only if it crosses 8000.
The immediate support is around 7425, any indicative violation below targets 7330/7230/7130. Bearish continuation only if it breaks below 6970.
It is good to buy on dips around 7425-30 with SL around 7230 for the TP of 7950.
