Ichimoku Analysis (4-hour chart)
Tenken-Sen- 6065
Kijun-Sen- 6155
FTSE100 has shown a minor recovery after better than expected UK PMI data. The UK services PMI came at 60.1 compared to an estimate of 57, the highest level in 7 years. PMI Manufacturing PMI rose to 55.3 in Aug vs forecast 53.6. S&P is trading flat and currently trading around 3388.
The near-term resistance to be watched is 6065 and any violation above will take the index till 6100/6170. Minor bullish trend continuation only if it crosses 6170.
The immediate support is around 5950, any indicative violation below targets 5850. Bearish continuation only if it breaks below 5800.
It is good to sell on rallies around 6025-30 with SL around 6100 for the TP of 5800.
