Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: FTSE100 recovers on better than expected UK PMI data, good to buy on dips

Ichimoku Analysis (Daily  chart)

 

Tenken-Sen- 5883

 

Kijun-Sen- 5953

 

FTSE100 recovered sharply from a low of 5938 made yesterday. The Manufacturing PMI for May came at 40.6 vs forecast 35.1, better than Apr reading of 32.6. The services PMI read at 27.8 vs estimate 24.1 and notably increase from Apr's 13.4.

 

On the higher side, near term resistance is around 6123 (May19t high) and violation beyond will take the index till 6200. Bullish Persistence only past 6200. The immediate support is around 6000, indicative violation below targets 5938/5889. Bearish continuation only if it breaks below 5800.

 

It is good to buy on dips around 5940-45 with SL around 5889 for the TP of 6100.

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.