Ichimoku Analysis (4-hour chart)
Tenken-Sen- 5929
Kijun-Sen- 5955
FTSE100 has lost more than 200 points from the previous week's high of 6127. The decline was mainly due to
- Global market sell-off
- The increase in the number of coronavirus cases in London has forced the UK government to implement lockdown.
The index hits an intraday low of 5782 and currently trading around 5813.89.
The near-term resistance to be watched is 5865, any violation above will take the index till 5915/6000/6100/6175. Significant bullish trend continuation only if it crosses 6175. On the lower side, near term support is around 5775, and any violation below targets 5731/5600/5500.
It is good to sell on rallies around 5865-70 with SL around 5925 for the TP of 5600.
