Ichimoku Analysis (Daily chart)
Tenken-Sen- 5920
Kijun-Sen- 6039
FTSE100 has halted its 3-week of the bearish trend and shown more than 200 points recovery on the weak Pound sterling. But the overall trend is on the downside as long as resistance 6175 holds. The Brexit uncertainty, increase in coronavirus cases and halt of the AstraZeneca COVID vaccine trial are putting on the global stock market. The U.S markets slumped drastically 4%, especially NASDAQ on economy recovery pessimism. The index hits an intraday high of 6006 and currently trading around 5988.
The near-term resistance to be watched is 6025, any violation above will take the index till 6066/6100/6175. Significant bullish trend continuation only if it crosses 6350. On the lower side, near term support is around 5675, and any violation below targets 5600/5500.
It is good to sell on rallies around 6065 with SL around 6175 for the TP of 5750.
