FxWirePro: Sell FTSE100 on rallies
Ichimoku Analysis (4-hour chart)
FTSE100 continues to trade lower after three days of consolidation. The escalation of the US-China trade war and the second wave of coronavirus concerns is dragging index further down. The number of new cases is getting increased in Spain for the past few days. The UK has removed Spain from the list of countries deemed safe to travel. The S&P futures are trading weak and lost more than 0.80%. It is currently trading around 3226.
The near-term resistance to be watched is 6170, and any violation above will take the index till 6197/6245/6282. Significant trend continuation only if it crosses 6352.
The immediate support is around 6000, an indicative violation below targets 5900. Bearish continuation only if it breaks below 5891.
It is good to sell on rallies around 6100-05 with SL around 6170 for the TP of 5935.