Ichimoku Analysis (4-hour chart)
Tenken-Sen- 6004
Kijun-Sen- 5972
FTSE100 has recovered more than 250 points from a low of 5776 made on Sep 25th, 2020. The jump was mainly due to
Strong market sentiment due to hopes of fresh US stimulus package
The renewed optimism on UK EU trade negotiations. The mixed UK jobs data is also supporting the index at lower levels. The Claimant count came at 28000 less than the estimate of 78000, unemployment at 4.5% vs forecast of 4.3%.
The index hits an intraday low of 5989 and currently trading around 5987.20.
The near-term resistance to be watched is 6050; any violation above will take the index till 6100/6175. Significant bullish trend continuation only if it crosses 6175. On the lower side, near term support is around 5950, and any violation below targets 5878/5805.
It is good to sell on rallies around 6000 with SL around 6100 for the TP of 5805/5782.
