Ichimoku Analysis (4-Hour chart)
Tenken-Sen- 6414
Kijun-Sen- 6345
FTSE100 is trading lower for 2nd consecutive days after 3 weeks of bullishness. It has declined nearly 200 points due to profit booking in global markets. US markets especially S&P500 lost more than 1% from recent high on a slight decrease in risk appetite. The UK index hits a low of 6305 and is currently trading around 6306.25.
The near-term resistance to be watched is 6400, and any violation above will take the index till 6430/6469/6500/6550 (trend line joining 5863 and 6197). Significant trend continuation only if it crosses 6550.
The immediate support is around 6300, an indicative violation below targets 6269/6200. Bearish continuation only if it breaks below 6200.
It is good to sell on rallies around 6400 with SL around 6500 for the TP of 6200.
