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FxWirePro: FTSE100 forms double bottom around 7100, good to buy on dips

Ichimoku Analysis (Hourly chart)

 

Tenken-Sen- 7147

 

Kijun-Sen- 7161

 

FTSE100 has formed almost a double bottom around 7100 and shown good recovery. The index hits high of 7184 and is currently around 7179. Global markets are trading higher on account of stimulus hopes from major economies. It has formed a minor bottom around 7020 and shown a jump till 7230 levels. Short term trend is still bullish as long as support 7100 holds.

 

On the higher side, near term resistance is around 7192 and any violation above will take the index till 7235-40/7285. It should break above 7305 for further bullish continuation.

 

The near term support is around 7140 and any convincing break below will drag the index down till 7100. Minor trend reversal below 7100 and major bearish continuation only below 7000.

 

It is good to buy on dips around 7145-50 with SL around 7100 for the TP of 7240/7285.

 

 

By Rangarajan Hariharan
  • Market Data
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