Ichimoku Analysis (4-hour chart)
Tenken-Sen- 3255
Kijun-Sen- 3255
Chart Pattern - Double top
S&P500 has once again declined after jumping to 3297 levels and are currently trading around 3235. The spread of coronavirus across 23 countries is putting pressure on global stock markets. The death toll has increased to 361 and confirmed cases rose to 17200. Shanghai composite plunged more than 8% as the market reopened after the week-long Chinese New year.
On the flip side, immediate major resistance is around 3200 and any violation below will drag the index till 3172/3153.
The near-term resistance is around 32569 (200- 4H MA), any indicative break above will take the index to next level till 3300/3335/3350.
It is good to sell on rallies around 3265-70 with SL around 3300 for the TP of 3175.
