The FTSE remains in no man’s land

The index is caught between long-term resistance and short-term support. John C Burford watches the charts for signs of a break-out.

On Wednesday, I put the FTSE in no man's land. Since then it has tried to advance out of it, but on Friday it was beaten into a retreat by superior forces.

Just to quickly refresh your memory, this was the chart last 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.