Ichimoku Analysis (4-hour chart)
Tenken-Sen- 6104
Kijun-Sen- 6168
FTSE100 is holding above the 6000 levels as US stocks hit an all-time high. The surge in Pound sterling due to upbeat UK CPI is putting pressure on FTSE at higher levels. The Consumer price rose to 1% compared to a forecast of 0.6%, according to the office for national statistics. Markets eye UK and EUE negations on Brexit this week for further direction. The S&P futures are trading flat and currently trading around 3392.
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.
