Ichimoku Analysis (4-hour chart)
Tenken-Sen- 5983
Kijun-Sen- 6047
FTSE100 continues to trade weak and broken psychological support 6000 on coronavirus. The second wave of coronavirus spread in U.S and Europe is putting pressure on risky assets like stocks. The weak US GDP and jobless claims have decreased the chance of V-Shaped recovery. The number of death in the US rose by 1300 first since May and crossed 1.55 million. The S&P futures are trading slightly higher ad lost is currently trading around 3256.
The near-term resistance to be watched is 6050, and any violation above will take the index till 6100/6140/6191. Significant trend continuation only if it crosses 6352.
The immediate support is around 5947, an indicative violation below targets 5900. Bearish continuation only if it breaks below 5891.
It is good to sell on rallies around 6075-80 with SL around 6140 for the TP of 5935.
