After a huge sell-off of more than 250 points FTSE100 recovered sharply following drama around the UK politics.UK PM Theresa May is set to re open negotiations with EU after MPs voted 317 to 301 to demand changes.Pound sterling lost more than 100 pips after key Copper vote on extending deadline for Britain to leave EU failed.FTSE100 hits intraday high of 6898 and is currently trading around 6893.
Technically the index is facing strong resistance around 7000 and any further bullish continuation happens only above that level. A jump till 7140/7200 is possible if it trades above 7000 level. Immediate resistance is at 6905 (55- day EMA).
The near term support stands at 6850/6800/6733. Further weakness will be seen only below 6733 low made on Jan 28th 2019.
It is good to buy on dips around 6850-55 with SL around 6800 for the TP of 7000.
