Candlestick pattern- Hammer and Shooting star
Ichimoku Analysis (4-hour chart)
Tenken-Sen- 6098
Kijun-Sen- 6155
FTSE100 recovered strongly nearly 200 points from yesterday's low of 6000 on COVID-19 treatment optimism. Gilead Sciences said that remdesivir reduced the risk of death in COVID-19 patients by 62%. The S&P futures are trading slightly after hitting an intraday low of 3182. Markets eye US earnings to be released this week for further direction.
The near-term resistance to be watched is 6200, and any violation above will take the index till 6245/6278/6311. Significant trend continuation only if it crosses 6352.
The immediate support is around 6123 (200-4H MA), an indicative violation below targets 6100/6035/6000/5900. Bearish continuation only if it breaks below 5891.
It is good to sell on rallies around 6175-80 with SL around 6235 for the TP of 5935.
