FxWirePro: FTSE100 Daily Outlook

Ichimoku Analysis (1- Hours chart)

Tenken-Sen- 6790

Kijun-Sen-6753

FTSE100 has taken support near 200- H EMA and shown a nice recovery. The US stimulus, positive economic data, and coronavirus vaccine rollout is supporting the UK index at lower levels. The surging bond yield and inflation are preventing global stock markets from further gains. The minor decline in the pound sterling also a reason for FTSE100 bullishness. The index hits an intraday high of 6806 and currently trading around 6787.50.

The near-term resistance to be watched is 6800; any violation above will take the index till 6890/6963. Significant bullish trend continuation only if it crosses 7000. On the lower side, near-term support is around 6680, and any violation below targets 6639/6600.

Indicator (1 Hour chart)

CAM indicator – Neutral

Directional movement index – Neutral

It is good to buy on dips around 6735-37 with SL around 6680 for the TP of 6960.