Ichimoku Analysis (4-hour chart)
Tenken-Sen- 6100
Kijun-Sen- 616
FTSE100 showed a minor recovery of more than 100 points following the footsteps of US markets. The surge in Pound sterling on dollar weakness and growing unemployment is putting pressure on FTSE100. Markets eye UK and EUE negations on Brexit this week for further direction. The S&P futures are trading flat and currently trading around 3385.
The near-term resistance to be watched is 6170 and any violation above will take the index till 6200/6248/6302. Significant trend continuation only if it crosses 6352.
The immediate support is around 6000, any indicative violation below targets 5980/5925/5850. Bearish continuation only if it breaks below 5800.
It is good to sell on rallies around 6125-30 with SL around 6180 for the TP of 5800.
