Ichimoku Analysis (4-hour chart)
Tenken-Sen- 6193
Kijun-Sen- 6203
FTSE100 is trading lower after a minor jump to 6262 levels. The weak UK GDP data came yesterday has dragged UK index further down. According to the office for National Statistics (ONS), the economy dropped by 2.2%, the biggest decline since 1979. The increase in the number of new cases in the U.S and the fresh lockdown has decreased demand for riskier assets. It is currently trading around 6.
The near-term resistance to be watched is 6275 and any violation above will take the index till 6300/6352. Significant trend continuation only if it crosses 6352.
The immediate support is around 6100, an indicative violation below targets 6035/6000/5900. Bearish continuation only if it breaks below 5891.
It is good to sell on rallies around 6215-20 with SL around 6300 for the TP of 5935.
