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FxWirePro: FTSE100 trades extremely weak on Brexit turmoil, good to sell on rallies

FTSE100 trading weak for past two days and lost more than 100 points on ongoing Brexit news. UK PM Theresa May is expected to step down if conservative party looses in election happening in Europe.Eurpoean election latest polls forecasts shows that Brexit party likely to gain the most votes in the UK. It hits low of 7222 and is currently trading around 7252.

 

On the lower side, near term major support is around 7180 (200- day MA) and any break below targets 7149/7100/7040. Any major weakness only below 7040.

 

The near term resistance is around 7260 and any breka above will take the index till 7300/7318/7350. Any majro bullishness only above 7380.

 

It is good to sell on rallies around 7275-80 with SL around 7320 for the TP of 7180/7100.

 

 

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