FxWirePro: Sell FTSE100 on rallies

Ichimoku Analysis (4-hour chart)

Tenken-Sen- 6065

Kijun-Sen- 6155

FTSE100 is trading weak for 2nd consecutive days and lost more than 150 points. The decline was mainly due to a slight dip in global stock markets after Fed meeting minutes. The Fed said that the uncertainty of the economic recovery due to COVID-19 remains "extremely elevated." US Fed members "agreed that the ongoing public crisis would weigh heavily on economic activity, employment, and inflation in the near term. Markets eye UK and EUE negations on Brexit this week for further direction. S&P is trading slightly lower and currently trading around 3371.

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 6000, any indicative violation below targets 5980/5925/5850. Bearish continuation only if it breaks below 5800.

It is good to sell on rallies around 6125-30 with SL around 6180 for the TP of 5800.