Ichimoku Analysis (1-hour chart)
Tenken-Sen- 6120
Kijun-Sen- 6170
FTSE100 continues to trade weak and lost more than 200 points for minor top 6302. The decline was mainly due to fading hopes of the US stimulus package and weak Chinese economic data. Chinese industrial production came at 4.8% compared to a forecast of 5.1% and retail sales slumped to -1.1% vs estimate of 0.1%. The S&P futures are trading slightly lower and currently trading around 3352.
The near-term resistance to be watched is 6090 and any violation above will take the index till 6120/6170/6200. Significant trend continuation only if it crosses 6352.
The immediate support is around 6000, any indicative violation below targets 5980/5925. Bearish continuation only if it breaks below 5800.
It is good to sell on rallies around 6095-6100 with SL around 6170 for the TP of 5800.
