The FTSE 100 is at a significant point

So far, the FTSE 100 has stayed within its trading channel, but there are signs it could be plotting to break out. John C Burford examines the charts.

On Wednesday, I outlined my thoughts on the technical position of the FTSE. It had made a new high and was backing off that high while travelling along my solid tramline pair.

This morning, the market is at an interesting juncture. I therefore thought I would follow up on Wednesday's analysis.This was the picture on Wednesday:

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John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.