Ichimoku Analysis (4-hour chart)
Tenken-Sen- 6170
Kijun-Sen- 6193
FTSE100 is trading higher for 2nd consecutive days and jumped more than 200 points. The overall trend is still on the weaker side as long as resistance 6515 holds. The trade tension between a US and EU and fear of the second wave of Corona. The number of new cases is rising in countries like the US and Brazil. Markets eye EU and UK face to face trade talks for further direction. It is currently trading around 6233.
The near-term resistance to be watched is 6241, and any violation above will take the index till 6300/6352. Significant trend continuation only if it crosses 6352.
The immediate support is around 6185, an indicative violation below targets 6135/6100/6035. Bearish continuation only if it breaks below 5891.
It is good to buy on dips around 6185-90 with SL around 6135 for the TP of 6350/6500.
