FxWirePro: FTSE100 recovers more than 100 points after May announces resignation, good to sell on rallies

FTSE100 has halted its 2 - day of loosing streak and jumped more than 90 points. The reason for the jump are

1. UK PM Theresa May has announced her rsignation date (Jun 7th 2019)

But ongoing Brexit uncertainity and trade tension is expected to put pressure on global stock markets.It is sell on rise market.

The index jumped till 7305 and near term resistance is around 7314 (61.8% fib). Any break above 7314 targets 7365-70. Any major reversal only above 7380.

On the lowerside near term support is around 7245 and any vioaltion below will drag the index down till 7210/7178 (200- day MA).

It is good to sell on rallies around 7315-20 with SL around 7370 for the TP of 7210.