Ichimoku Analysis (4-hour chart)
Tenken-Sen- 6185
Kijun-Sen- 6206
FTSE100 is trading weak for 2nd consecutive week on an escalation of the US-China trade war and an increase in coronavirus cases in Europe. The UK said that it would quarantine all people who travel from Spain as the number of cases increased. The S&P futures are trading slightly higher and is currently trading around 3215.
The near-term resistance to be watched is 6197, and any violation above will take the index till 6245/6282. Significant trend continuation only if it crosses 6352.
The immediate support is around 6070 (71.6% fib), an indicative violation below targets 6035/6000/5900. Bearish continuation only if it breaks below 5891.
It is good to sell on rallies around 6140-45 with SL around 6210 for the TP of 5935.
