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FxWirePro: Sell FTSE100 on rallies

Ichimoku Analysis (4-hour chart)

Tenken-Sen- 6013

 

Kijun-Sen- 6062

FTSE100 continues to trade weak for 3rd consecutive days and lost more than 200 points from high of 6177. The slight strength in Pound sterling against USD on broad-based US dollar selling and Brexit deal uncertainty is putting pressure on the FTSE100 index.  S&P is trading slightly higher and currently trading around 3494.9.

 

The near-term resistance to be watched is 6065, any violation above will take the index till 6100/6175/6200/6263/6300. Significant bullish trend continuation only if it crosses 6350.

 

The immediate support is around 5925, any indicative violation below targets 5850/5800. Bearish continuation only if it breaks below 5800.

 

It is good to sell on rallies around 6000 with SL around 6100 for the TP of 5800.

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