FTSE100 is trading higher for 4th consecutive day on positive Brexit news and strong global stock market. UK Parliament yesterday voted for extension of Article 50 deadline at the EU summit and won with absolute majority of 412. UK Parliament to vote on Wed for third time on Brexit deal after two previous defeat. The index has broken major resistance 7261 high made on Feb 15th 2019.Overall GBP was trading strong especially against USD and jumped more than 400 pips from low of 1.29600.
On the lower side, near term support is around 7208 (300- day EMA) and any violation below will drag the index down till 7180/7157 (20- day MA)/7120. Minor trend reversal only below 7080 (55- day EMA). Any violation below 7080 targets 6990.
The index is trading slightly above near term resistance 7260 and this confirms minor bullishness and a jump till 7300/7340 is possible.
It is good to buy on dips around 7210-15 with SL around 7180 for the TP of 7300.
