FxWirePro: FTSE100 downside capped by 55-day EMA, jump till 6300 likely
Ichimoku Analysis (Daily chart)
FTSE100 recovered sharply after a dip till 6047 from high of 6245. The renewed trade tension between the US and China and Chinese aggression towards Hong Kong is putting pressure on global stock markets. The UK index was trading higher in the past 15 days on easing lockdown and a slight decline in new cases in coronavirus. It is currently trading around 6177.
The near-term resistance to be watched is 6200, and any violation above will take the index till 6263 (161.8% fib)/6300/6400/6445. Significant trend continuation only if it crosses 6500.
The immediate support is around 6100, indicative violation below targets 6047/6000. Bearish continuation only if it breaks below 5890.
It is good to buy on dips around 6100 with SL around 6045 for the TP of 6245/6300.