Chart of the Day: FTSE 100

The FTSE 100 is back in the black, and doing so in style. Cynics such as myself would put this down to the penny dropping there will either be no Brexit, or that it simply won’t happen for a long time. Boris Johnson only campaigned for Leave in order to remove David Cameron, and Free Trade in exchange for Free Movement of Labour is simply non-negotiable for the EU…

FTSE 100: Up, Up and Away Above 5,950

The phrase ‘Pyrrhic victory’ has got to be one of my favourites, along with other less intellectual classics such as ‘deckchairs on the Titanic’ and ‘knock out a rhino’. Of course, the EU is where the Titanic comes into play – I just need to work out how to fit in the Rhino. Perhaps Project Fear was enough to knock out a rhino – but was overkill? As far as the present charting position of the FTSE 100 is concerned, it can be seen how the latest bounce for this market brings into play a line of support which can be drawn in on the daily chart from February. The level the line runs at is through 5,950, with the assumption to make being that any dips down to this level can be regarded as buy opportunities. At this stage only an end of day close back below the February feature is regarded as postponing a move to recent 6,400 plus resistance, if only on the basis that Brexit will take two years plus, or ad infinitum…