Ichimoku Analysis (Hourly chart)
Tenken-Sen- 6035
Kijun-Sen- 6049
FTSE100 has halted its two days of bullishness and lost more than 100 points despite upbeat BOE. It has kept its rates unchanged and upgraded its GDP. The central bank mentioned that negative interest rates will not stimulate the economy in the current situation. The US stimulus and weak US economic data are putting pressure on the global stock market. The fear of the second wave of coronavirus and UK and US trade worries is dragging the index down. The S&P futures are trading flat and currently trading around 3332.
The near-term resistance to be watched is 6050, and any violation above will take the index till 6100/6128. Significant trend continuation only if it crosses 6130.
The immediate support is around 5980, any indicative violation below targets 5935/5850. Bearish continuation only if it breaks below 5800.
It is good to sell on rallies around 6070-75 with SL around 6150 for the TP of 5800.
