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Ichimoku Analysis (1-hour chart)
Tenken-Sen- 5569
Kijun-Sen-5662
FTSE100 is trading weak for the third consecutive week on broad-based selling in global markets. The U.S markets, especially S&P500 lost more than 8% in the past two weeks. The demand for Safe-haven assets like the United States dollar has increased sharply. The decline was mainly due to
The rise in the number of new coronavirus cases and partial lockdown in France and Germany. It has decreased the chance of U-shaped economic recovery.
The index hits an intraday low of 55525 and currently trading around 5606.20.
The near-term resistance to be watched is 5651; any violation above will take the index till 5701/5755/5800. Significant bullish trend continuation only if it crosses 5865. On the lower side, near term support is around 5500, and any violation below targets 5394/5300.
It is good to sell on rallies around 5690-5700 with SL around 5800 for the TP of 5500.
