GLOBAL EQUITY MARKETS – September 19, 2020

Announcement:

On the 27th of September I will be making a presentation at the Online Traders Summit. I will discuss long-term aspects of classical charting principles with examples from Global Equity & FX markets. If you want to register (FREE) for the 2 day event, you can find the link here. I hope you can make it. I’m excited to hear and learn from several other great presenters.

REVIEW

The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) experienced its first setback after a lengthy uptrend. I’ve adjusted the boundary of the trend channel. The daily price chart might be forming a short-term H&S top with this week’s price action completing the right shoulder. The neckline is at 79.25 levels. Breakdown below 79.25 levels can extend the correction towards the 200-day average at 75.3 levels. A breach above the high (82) of the right shoulder will result in a H&S failure and will suggest higher levels. Please note that this is a short-term chart pattern and the shorter -term the chart pattern the more prone it is to failure or morphing (eventually becoming part of a larger scale chart pattern). I’m reading several comments on social media, regarding the possibility of another sharp sell-off similar to Feb-March correction. While anything is possible in the markets, I want to draw your attention to the concept of recency bias.

When we’re faced with difficult decisions, especially during times of uncertainty and volatility, our minds take shortcuts. For example, when we are trying to predict the future, our minds naturally reach for what happened most recently–that’s called recency bias.

As humans, we have an easier time remembering what happened most recently. This shortcut serves us well in other aspects of our lives, but it can hurt us when making investing decisions. Not all corrections will develop the same way and not all corrections will result in a sharp sell-off. We are better of taking the signals one step at a time.

As we are still above the 200-day average for the ACWI ETF, It is difficult for me to put my bear market cap on. I would view any correction or weakness in the market as reversion to the mean.

Note: We have received many requests for the possibility to have the report in PDF format. Going forward I will attach a PDF version of the report for our members who would like to read on paper and also offline. Due to large size (given that I like to keep charts in large format) this is the best layout I could put the report. I hope this will be useful.

GLOBAL EQUITY MARKETS – SEPTEMBER 19, 2020 – PART I

GLOBAL EQUITY MARKETS – SEPTEMBER 19, 2020 – PART II

The benchmark for the Emerging Markets performance, the iShares MSCI Emerging Markets Index ETF (EEM) formed a steady uptrend and a clear trend channel. Pre-pandemic high stands as resistance at 46.3 levels. Recent consolidation is more like a short-term sideways trading range rather than a top reversal. Boundaries of the short-term consolidation is between 45.5 and 43.4. Breakdown below 43.4 can result in a correction towards the 200-day average at 41.5 levels.

The benchmark for the Frontier equity markets performance, the iShares MSCI Frontier 100 ETF formed broke out of a symmetrical triangle chart pattern with the upper boundary that acted as resistance at 24.5 levels. Over the past week the ETF consolidated above its 200-day moving average at 25.3 levels. The iShares MSCI Frontier 100 ETF has a gap between 25.3 and 27 levels. The ETF can target higher levels to fill the gap. For any positive momentum, the ETF should remain above the 200-day average.

China SSE 50 Index breached the upper boundary of its possible 5 year-long symmetrical triangle. Breakout from the 5 year-long symmetrical triangle can set the tone for Emerging Markets performance in the coming years. The top of the symmetrical triangle at 3,480 levels acted as resistance. The breakout from the long-term consolidation is confirmed and I pay close attention to chart pattern developments in China & Hong Kong equities. Positive technical outlook is not challenged. The monthly scale price chart is going through an extreme low volatility condition. If last month’s breakout is valid, we will soon see renewed strength and continuation of the uptrend. As is always the case with symmetrical triangles, the minor high acts as immediate resistance following the breakout. I view the resistance at 3,480 levels as the last hurdle in front of China SSE 50 index.

FXI, the Ishares China Large CAP ETF listed on the NYSE has been trading in a range between 37.85 and 46 levels. Over the past 2 months the ETF has been consolidating in a tight range between the 200-day average and the upper boundary of the rectangle at 46 levels. I monitor the 200-day average at 41.15 as support and 46 as resistance. FXI offers trading opportunity between those levels.

Since the beginning of March the Euro Stoxx 50 Index formed higher highs and higher lows, resulting in an uptrend. The index is trading around the 200-day moving average. I have been looking for a well-defined short-term consolidation around the 200-day average for a possible breakout setup. The index failed to break above its minor high at 3,400 levels. If the chart pattern in focus is an ascending triangle, a breakout should take place soon. Also this week’s low could mark a medium-term low.

Both Nasdaq 100 and S&P 500 formed upward trend channels. Nasdaq 100 has been stronger when compared with S&P 500 Index. Nasdaq 100 Index breached the lower boundary of its trend channel. I analyze the current price action as reversion to the mean. The index deviated too far (historical standards) from its 200-day average and now it is pulling back to the average.

S&P 500 Index experienced the first setback after its steady uptrend. I’ve adjusted the boundaries of a possible trend channel. S&P 500 is possibly reverting back to its mean, similar to Nasdaq 100 index. Both charts are not offering a clear chart pattern on daily scale price charts.

Turkey’s BIST 100 equity benchmark reversed from the strong resistance at 1,230 levels. The long-term trend is upwards. Last 2 year’s consolidation is offering a wide trading range between 840 and 1230 levels. We should watch out for continued weakness as part of a pullback (consolidation of gains). Breakout above 1230 levels will change the outlook to positive.

The Ishares GOLD ETF continues to remain in a steady uptrend. The last important horizontal resistance was at 18.5 levels. Last one month’s correction pulled the ETF towards the support at 18.5 levels. Both the lower boundary of the possible trend channel and the horizontal line at 18.5 levels are forming support around the same level. On the daily scale price chart IAU ETF possibly formed a descending triangle with the lower boundary acting as support at 18.2 levels. Completion of the descending triangle can also break down the trend channel and target the next support at 17.5 levels.

Copper found resistance at 3 levels. Price is in a steady uptrend. 3.00 levels acted as resistance and after choppy price action around the horizontal resistance Copper resumed its uptrend. 3.00 becomes the new support. The next resistance is at 3.3 levels.

CBOE Volatility Index (both September and October futures contracts are added below) futures contract formed a 4 month-long sideways consolidation range with the upper boundary acting as resistance at 36.4 and the lower boundary as support at 25.5 levels. The lower boundary for the October contract is at 29.2 levels. This week’s price action tested the lower boundary of the 4 month-long consolidations on both contracts. Breakdown below the support levels can be positive for Global equities. Rebound from these support areas in the following week can result in weakness for equity markets.

European Bund price is in a wide consolidation range between 169.3 and 179.7 levels. The trading range is possibly forming a 10 month-long rectangle. The short-term support at 174.5 is broken on the downside.

Japan’s Nikkei 225 Index cleared the resistance at 22.9K which can be the upper boundary of the symmetrical triangle. The daily close above 23,360 levels confirmed the symmetrical triangle as a bullish continuation chart pattern with the possible price target of 24,800 levels. The index is looking for direction and renewed momentum to clear the minor high at 23,500 levels.

Another well-defined short-term consolidation is developing on France CAC 40 Index. The European equity benchmark possibly formed a 4 month-long symmetrical triangle with the upper boundary acting as resistance at 5,085 levels. A daily close above 5,185 levels will confirm the breakout with the possible chart pattern price target at 5,600 levels. Breakout can complete the chart pattern as well as breaching the 200-day average, confirming the uptrend.

There are 11 new breakout signals.

TECH CHARTS ALERT

HAKUHODO DY HOLDINGS INC (2433.T)

HAKUHODO DY HOLDINGS INCORPORATED is a Japan-based advertising holding company that is mainly engaged in the provision of marketing solution as a marketing service company. The stock is listed on the Tokyo Stock Exchange. Price chart formed a 3 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 1,415.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 1,460.00 levels confirmed the breakout from the 3 month-long cup & handle continuation with the possible chart pattern price target of 1,665.0 levels. (Learn more: Video Tutorial)

CELLAVISION AB (CEVI.ST)

CellaVision AB is a Sweden-based company active in the medical technology sector. The Company develops and sells digital solutions for medical microscopy, as well as products enabling blood cell analysis and morphology diagnosis. The stock is listed on the Stockholm Stock Exchange. Price chart formed a 3 month-long ascending triangle with the horizontal boundary acting as strong resistance at 319.50 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 329.00 levels confirmed the breakout from the 3 month-long ascending triangle with the possible chart pattern price target of 380.0 levels. (Learn more: Video Tutorial)

JM AB (JM.ST)

JM AB is a Sweden-based company engaged in the development of housing and residential areas, primarily in the Nordic region. The stock is listed on the Stockholm Stock Exchange. Price chart formed a 1 month-long rectangle with the horizontal boundary acting as resistance at 271.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 276.50 levels confirmed the breakout from the 1 month-long rectangle/flag with the possible chart pattern price target of 288.00 levels. Breakouts from tight consolidations can travel 2x or 3x the original price target. I added the 2x price objective which is at 307 levels. (Learn more: Video Tutorial)

SMURFIT KAPPA GROUP PLC (SKG.I)

Smurfit Kappa Group plc is a provider of paper-based packaging products. The Company manufactures, distributes and sells containerboard, corrugated containers and other paper-based packaging products, such as solidboard, graphic board and bag-in-box. The stock is listed on the Irish Stock Exchange. Price chart formed a 4 month-long rectangle with the horizontal boundary acting as strong resistance at 30.73 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 31.65 levels confirmed the breakout from the 4 month-long rectangle with the possible chart pattern price target of 35.3 levels. (Learn more: Video Tutorial)

PUMA SE (PUMG.DE)

PUMA SE is engaged in designing, developing, selling and marketing footwear, apparel and accessories. The Company’s segments include Europe, Middle East and Africa (EMEA), Americas (North and Latin America) and Asia/Pacific. The stock is listed on the Frankfurt Stock Exchange. Price chart formed a 3 month-long rectangle with the horizontal boundary acting as strong resistance at 72.30 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 74.50 levels confirmed the breakout from the 3 month-long rectangle with the possible chart pattern price target of 81.50 levels. (Learn more: Video Tutorial)

KENNAMETAL INC (KMT.N)

Kennametal Inc. is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through two segments: Industrial and Infrastructure. The stock is listed on the New York Stock Exchange. Price chart formed a 3 month-long cup & handle continuation with the horizontal boundary acting as resistance at 31.45 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 32.40 levels confirmed the breakout from the 3 month-long cup & handle continuation with the possible chart pattern price target of 37.50 levels. (Learn more: Video Tutorial)

EASTMAN CHEMICAL CO (EMN)

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. The stock is listed on the New York Stock Exchange. Price chart formed a 3 month-long ascending triangle with the horizontal boundary acting as resistance at 78.60 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 81.00 levels confirmed the breakout from the 3 month-long ascending triangle with the possible chart pattern price target of 92.20 levels. (Learn more: Video Tutorial)

AVERY DENNISON CORP (AVY)

Avery Dennison Corporation (Avery Dennison) is engaged in the production of pressure-sensitive materials and a range of tickets, tags, labels and other converted products. The Company’s segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM). The stock is listed on the New York Stock Exchange. Price chart formed a 3 month-long symmetrical triangle with the upper boundary acting as strong resistance at 121.20 levels. The upper boundary was tested several times over the course of the chart pattern. The daily close above 124.80 levels confirmed the breakout from the 3 month-long symmetrical triangle with the possible chart pattern price target of 138.30 levels. (Learn more: Video Tutorial)

UNIVERSAL HEALTH SERVICES INC (UHS.N)

Universal Health Services, Inc. is a holding company. The Company’s principal business is owning and operating, through its subsidiaries, acute care hospitals and outpatient facilities, and behavioral healthcare facilities. The stock is listed on the New York Stock Exchange. Price chart formed a 4 month-long rectangle with the horizontal boundary acting as strong resistance at 114.40 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 117.80 levels confirmed the breakout from the 4 month-long rectangle with the possible chart pattern price target of 141.0 levels. (Learn more: Video Tutorial)

ONEMAIN HOLDINGS INC (OMF.N)

OneMain Holdings, Inc. is a financial services holding company. The Company is a consumer finance company, which is engaged in providing personal loan products; credit and non-credit insurance, and service loans owned by it and service or subservice loans owned by third-parties. The stock is listed on the New York Stock Exchange. Price chart formed a 3 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 31.25 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 32.20 levels confirmed the breakout from the 3 month-long cup & handle continuation with the possible chart pattern price target of 40.0 levels. (Learn more: Video Tutorial)

NUTRIEN LTD (NTR.TO)

Nutrien Ltd is Canada-based crop nutrient producer and distributer of potash, nitrogen and phosphate products for agricultural, industrial and feed customers worldwide. The Company is focused on retail, potash, nitrogen and phosphate mining and processing operations. The stock is listed on the Toronto Stock Exchange. Price chart formed a 5 month-long rectangle with the horizontal boundary acting as strong resistance at 52.50 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 54.10 levels confirmed the breakout from the 5 month-long rectangle with the possible chart pattern price target of 62.5 levels. (Learn more: Video Tutorial)

There are 10 additions to Tech Charts watchlist.

TECH CHARTS WATCHLIST

AMERICAS

H&E EQUIPMENT SERVICES INC (HEES.OQ) – new addition to watchlist

H&E Equipment Services, Inc. is an integrated equipment services company. The Company is focused on heavy construction and industrial equipment. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 3 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 22.10 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 22.70 levels will confirm the breakout from the 3 month-long cup & handle continuation with the possible chart pattern price target of 27.4 levels. (Learn more: Video Tutorial)

FINNING INTERNATIONAL INC (FTT.TO) – new addition to watchlist

Finning International Inc. is engaged in the selling, servicing and renting of heavy equipment, engines and related products in various markets worldwide. The stock is listed on the Toronto Stock Exchange. Price chart formed a 3 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 21.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 21.60 levels will confirm the breakout from the 3 month-long cup & handle continuation with the possible chart pattern price target of 23.7 levels. (Learn more: Video Tutorial)

W.R. BERKLEY CORP (WRB.N) – new addition to watchlist

W. R. Berkley Corporation is an insurance holding company. It operates through two segments: Insurance and Reinsurance-Global. The stock is listed on the New York Stock Exchange. Price chart formed a 3 month-long ascending triangle with the horizontal boundary acting as strong resistance at 65.50 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 67.50 levels will confirm the breakout from the 3 month-long ascending triangle with the possible chart pattern price target of 76.0 levels. (Learn more: Video Tutorial)

COLLIERS INTERNATIONAL GROUP INC (CIGI.TO)

Colliers International Group Inc. provides commercial real estate services. The Company offers a range of commercial real estate services in the United States, Canada, Australia, the United Kingdom, Germany, France and several other countries in Asia, Europe and Latin America. The stock is listed on the Toronto Stock Exchange. Price chart formed a 5 month-long ascending triangle with the horizontal boundary acting as strong resistance at 89.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 91.50 levels will confirm the breakout from the 5 month-long ascending triangle with the possible chart pattern price target of 116.50 levels. The ascending triangle can act as a bottom reversal chart pattern. (Learn more: Video Tutorial)

WADDELL & REED FINANCIAL INC (WDR.N)

Waddell & Reed Financial, Inc. is a holding company. The Company is a mutual fund and asset management company. The stock is listed on the New York Stock Exchange. Price chart formed a 3 month-long rectangle with the horizontal boundary acting as strong resistance at 16.10 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 16.45 levels will confirm the breakout from the 3 month-long rectangle with the possible chart pattern price target of 17.8 levels. (Learn more: Video Tutorial)

SBA COMMUNICATIONS CORP (SBAC.OQ)

SBA Communications Corporation is an independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 3 month-long ascending triangle with the horizontal boundary acting as strong resistance at 320.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 326.00 levels will confirm the breakout from the 3 month-long ascending triangle with the possible chart pattern price target of 362.00 levels. (Learn more: Video Tutorial)

GUARDANT HEALTH INC (GH.OQ)

Guardant Health, Inc. is a precision oncology company. The Company is focused on helping conquer cancer through use of its blood tests, data sets and analytics. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 16 month-long rectangle with the horizontal boundary acting as strong resistance at 104.0 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 107.0 levels will confirm the breakout from the 16 month-long rectangle with the possible chart pattern price target of 150.0 levels. (Learn more: Video Tutorial)

INMODE LTD (INMD.O)

Inmode Ltd is an Israel-based company. It designs, develops, manufactures and commercializes energy-based, minimally-invasive surgical aesthetic and medical treatment solutions. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 3 month-long ascending triangle with the horizontal boundary acting as strong resistance at 35.90 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 37.00 levels will confirm the breakout from the 3 month-long ascending triangle with the possible chart pattern price target of 46.0 levels. (Learn more: Video Tutorial)

EUROPE

HALMA PLC (HLMA.L) – new addition to watchlist

Halma plc is involved in the manufacture of a range of products that protect and improve the quality of life for people. The Company operates through four segments: Process Safety, Infrastructure Safety, Medical, and Environmental & Analysis. The stock is listed on the London Stock Exchange. Price chart formed a 4 month-long rectangle with the horizontal boundary acting as strong resistance at 2,360.0 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 2,405.0 levels will confirm the breakout from the 4 month-long rectangle with the possible chart pattern price target of 2,590.0 levels. (Learn more: Video Tutorial)

ENGIE SA (ENGIE.PA) – new addition to watchlist

Engie SA is a France-based global energy and services group. It operates through four business segments: Client Solutions, Renewables, Thermal and Networks. The stock is listed on the Paris Stock Exchange. Price chart formed a 3 month-long rectangle with the horizontal boundary acting as strong resistance at 12.15 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 12.5 levels will confirm the breakout from the 3 month-long rectangle with the possible chart pattern price target of 13.7 levels. (Learn more: Video Tutorial)

SBM OFFSHORE NV (SBMO.AS) – new addition to watchlist

SBM Offshore NV is the Netherlands-based company engaged in the offshore energy industry. It is a provider of floating production and mooring systems, in production operations and in terminals and services. The stock is listed on the Amsterdam Stock Exchange. Price chart formed a 3 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 14.80 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 15.25 levels will confirm the breakout from the 3 month-long cup & handle continuation with the possible chart pattern price target of 16.6 levels. (Learn more: Video Tutorial)

ALLIANZ SE (ALVG.DE)

Allianz SE is a German-based financial service company. The Company is the holding company of the Allianz Group (Allianz SE and its subsidiaries). The Company’s segments include Property-Casualty, Life/Health, Asset Management, and Corporate and Other. The stock is listed on the Frankfurt Stock Exchange. Price chart formed a 3 month-long symmetrical triangle with the upper boundary acting as strong resistance at 187.50 levels. The upper boundary was tested several times over the course of the chart pattern. A daily close above 193.00 levels will confirm the breakout from the 3 month-long symmetrical triangle with the possible chart pattern price target of 210.0 levels. (Learn more: Video Tutorial)

LA FRANCAISE DES JEUX SA (FDJ.PA)

La Francaise des Jeux is a France-based semi-public company that operates lottery and online games. The Company is also active in the online poker market with the website Barrierepoker.fr, which is jointly-owned with Groupe Lucien Barriere. The stock is listed on the Paris Stock Exchange. Price chart formed a 4 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 32.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. The handle part of the chart pattern can be identified as a rectangle that can act as launching pattern. A daily close above 32.60 levels will confirm the breakout from the 4 month-long cup & handle continuation with the possible chart pattern price target of 37.15 levels. (Learn more: Video Tutorial)

ING GROEP NV (INGA.AS)

ING Groep N.V. (ING) is a financial institution. The Company offers banking services. The stock is listed on the Amsterdam Stock Exchange. Price chart formed a 3 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 7.30 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 7.50 levels will confirm the breakout from the 3 month-long cup & handle continuation with the possible chart pattern price target of 8.57 levels. Breakout from the cup & handle continuation chart pattern can clear the 200-day moving average at the same time. The handle part of the chart pattern can be identified as a possible rectangle/flag. (Learn more: Video Tutorial)

UBS GROUP AG (UBSG.S)

UBS Group AG is a holding company and conducts its operations through UBS AG and its subsidiaries. The Company comprises Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. The stock is listed on the Switzerland Stock Exchange. Price chart formed a 3 month-long ascending triangle with the horizontal boundary acting as strong resistance at 11.60 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 11.95 levels will confirm the breakout from the 3 month-long ascending triangle with the possible chart pattern price target of 13.30 levels. (Learn more: Video Tutorial)

BNP PARIBAS SA (BNPP.PA)

BNP Paribas SA is a France-based international banking institution. It organizes its businesses into two main fields of activity: Retail Banking & Services (RBS) and Corporate Institutional Banking (CIB). The stock is listed on the Paris Stock Exchange. Price chart formed a 3 month-long symmetrical triangle with the upper boundary acting as strong resistance at 38.40 levels. The upper boundary was tested several times over the course of the chart pattern. A daily close above 39.50 levels will confirm the breakout from the 3 month-long symmetrical triangle with the possible chart pattern price target of 46.00 levels. If the chart pattern in focus is a symmetrical triangle, this week’s low can mark a medium-term bottom. (Learn more: Video Tutorial)

BANCA MEDIOLANUM SPA (BMED.MI)

Banca Mediolanum SpA is an Italy-based bank. It divides its activities into four segments: the Retail and Commercial Banking, Trading and Sale, Asset Management and Retail Brokerage. The stock is listed on the Milan Stock Exchange. Price chart formed a 3 month-long symmetrical triangle with the upper boundary acting as strong resistance at 6.81 levels. The upper boundary was tested several times over the course of the chart pattern. A daily close above 7.01 levels will confirm the breakout from the 3 month-long symmetrical triangle with the possible chart pattern price target of 7.85 levels. (Learn more: Video Tutorial)

NORDEA BANK ABP (NDASE.ST)

Nordea Bank Abp is a Finland-based bank engaged in corporate merchant banking, as well as retail banking and private banking. The Bank reports four main business areas, namely Personal Banking, Commercial & Business Banking, Wholesale Banking and Asset & Wealth Management. The stock is listed on the Stockholm Stock Exchange. Price chart formed a 2 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 72.60 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 74.00 levels will confirm the breakout from the 2 month-long cup & handle continuation with the possible chart pattern price target of 81.20 levels. The handle part of the chart pattern can be identified as a possible symmetrical triangle. (Learn more: Video Tutorial)

ABC ARBITRAGE SA (BITI.PA)

ABC Arbitrage SA is a France-based company that executes arbitrage strategies on the European, American and international financial markets. The stock is listed on the Paris Stock Exchange. Price chart formed a multi year-long rectangle with the horizontal boundary acting as strong resistance at 7.45 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 7.68 levels will confirm the breakout from the multi year-long rectangle with the possible chart pattern price target of 9.15 levels. The larger scale consolidation can also be identified as a possible rectangle with the price objective of 10.8 levels. (Learn more: Video Tutorial)

MIDDLE EAST & AFRICA

GUBRE FABRIKALARI TAS (GUBRF.IS)

Gubre Fabrikalari TAS (Gubretas) is a Turkey-based company engaged in the production and marketing of chemical fertilizers, including solid fertilizers, liquid fertilizers, powder-based fertilizers and organic fertilizers. The stock is listed on the Istanbul Stock Exchange. Price chart formed a 3 month-long rectangle with the horizontal boundary acting as strong resistance at 32.15 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 33.15 levels will confirm the breakout from the 3 month-long rectangle with the possible chart pattern price target of 38.50 levels. The chart offers trading opportunity between well-defined boundaries. (Learn more: Video Tutorial)

GLOBAL MENKUL DEGERLER AS (GLBMD.IS)

Global Menkul Degerler AS is a Turkey-based company, which provides capital market brokerage services to individuals and financial institutions, as well as to local and international investors. The Company operates under the following main divisions: securities brokerage and portfolio management. The stock is listed on the Istanbul Stock Exchange. Price chart formed a 3 month-long rectangle with the horizontal boundary acting as strong resistance at 5.75 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 5.95 levels will confirm the breakout from the 3 month-long rectangle with the possible chart pattern price target of 7.20 levels. (Learn more: Video Tutorial)

STANDARD BANK GROUP LTD (SBKJ.J)

Standard Bank Group Limited is a South Africa-based bank. The Bank offers transactional banking, saving, borrowing, lending, investment, insurance, risk management, wealth management and advisory services. The stock is listed on the Johannesburg Stock Exchange. Price chart formed a 3 month-long rectangle with the horizontal boundary acting as strong resistance at 12,000.00 levels and support at 10,000 levels. If the chart pattern in focus is a rectangle, this week’s low could mark the medium-term low. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 12,300.00 levels will confirm the breakout from the 3 month-long rectangle with the possible chart pattern price target of 13,700.0 levels. The 3 month-long rectangle formed inside a possible 5 month-long rectangle that can act as a bottom reversal chart pattern with higher price objective. (Learn more: Video Tutorial)

ASIA

SOUTH32 LTD (S32.AX) – new addition to watchlist

South32 Ltd is an Australia-based company focused on developing natural resources. The stock is listed on the Australia Stock Exchange. Price chart formed a 3 month-long symmetrical triangle with the upper boundary acting as strong resistance at 2.25 levels. The upper boundary was tested several times over the course of the chart pattern. A daily close above 2.31 levels will confirm the breakout from the 3 month-long symmetrical triangle with the possible chart pattern price target of 2.61 levels. Breakout can clear the 200-day average. (Learn more: Video Tutorial)

CALBEE INC (2229.T) – new addition to watchlist

Calbee, Inc. is a Japan-based company mainly engaged in the manufacture and sale of snack confectionary, bakery food and cereal food. The stock is listed on the Tokyo Stock Exchange. Price chart formed a 5 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 3,407.0 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 3,510.0 levels will confirm the breakout from the 5 month-long cup & handle continuation with the possible chart pattern price target of 3,855.0 levels. (Learn more: Video Tutorial)

KEYENCE CORP (6861.T) – new addition to watchlist

KEYENCE CORPORATION is a Japan-based manufacturing company mainly engaged in the development, manufacture and sale of automatic controlling equipment, measuring instrument, information equipment and other electronic application equipment, as well as related systems. The stock is listed on the Tokyo Stock Exchange. Price chart formed a 4 month-long rectangle with the horizontal boundary acting as strong resistance at 46,730.0 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 47,660.0 levels will confirm the breakout from the 4 month-long rectangle with the possible chart pattern price target of 51,440.0 levels. (Learn more: Video Tutorial)

OPEN HOUSE CO LTD (3288.T) – new addition to watchlist

Open House Co., Ltd. is a Japan-based company principally engaged in real estate related business. The stock is listed on the Tokyo Stock Exchange. Price chart formed a 3 month-long cup & handle continuation with the horizontal boundary acting as resistance at 3,840.0 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 3,955.0 levels will confirm the breakout from the 3 month-long cup & handle continuation with the possible chart pattern price target of 4,675.0 levels. (Learn more: Video Tutorial)

SCREEN HOLDINGS CO LTD (7735.T)

SCREEN Holdings Co.,Ltd. is a Japan-based company mainly engaged in the manufacture and sale of semiconductor manufacturing equipment. The stock is listed on the Tokyo Stock Exchange. Price chart formed a 3 month-long rectangle with the horizontal boundary acting as strong resistance at 5,550.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 5,715.00 levels will confirm the breakout from the 3 month-long rectangle with the possible chart pattern price target of 6,345.00 levels. (Learn more: Video Tutorial)

ISHARES CHINA LARGE-CAP ETF (IZZ.AX)

iShares China Large-Cap ETF (the Fund) is an exchange-traded fund. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE China 25 Index (the Underlying Index). The Fund’s portfolio of sectors include Financials, Telecommunication, Oil & gas, Technology and Consumer goods. The ETF is listed on the Australia Stock Exchange. Price chart formed a multi year-long cup & handle continuation with the horizontal boundary acting as strong resistance at 67.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. The handle part of the chart pattern is possibly a rectangle. A daily close above 69.00 levels will confirm the breakout from the multi year-long cup & handle continuation with the possible chart pattern price target of 91.00 levels. Rectangle chart pattern price target stands at 78 levels. (Learn more: Video Tutorial)

JIANGXI COPPER CO LTD (600362.SS)

Jiangxi Copper Company Limited is a China-based company, principally engaged in the mining, smelting and processing of copper. The Company is also engaged in the extraction and processing of precious metals and dissipated metals, sulfur chemical industry business, and financial and trading businesses. The stock is listed on the Shanghai Stock Exchange. Price chart formed a multi year-long symmetrical triangle with the lower boundary acting as support at 12.6 levels. The lower boundary was tested several times over the course of the chart pattern. A daily close below 12.0 levels will confirm the breakdown from the multi year-long symmetrical triangle with the possible chart pattern price target of 5.4 levels. There is now a possibility of symmetrical triangle acting as a bottom reversal. A daily close above 18 levels will confirm the breakout with the possible chart pattern price target of 34.25 levels. (Learn more: Video Tutorial)

AIR CHINA LTD (0753.HK)

Air China Limited is a China-based company principally engaged in the provision of air passenger transportation, freight transportation, postal transportation and maintenance services in Mainland China, Hong Kong, Macau and foreign regions. The Company is also engaged in domestic and international business aviation businesses, plane business, aircraft maintenance, airlines business agents, ground and air express services related to main businesses, duty free on boards, retail business on boards and aviation accident insurance sales agents business. The stock is listed on the Hong Kong Stock Exchange. Price chart formed a decade-long rectangle with the horizontal boundary acting as strong support at 4.35 levels. The horizontal boundary was tested several times over the course of the chart pattern. Given the Global pandemic and its effects, it is hard to justify a long trade idea in the airline industry. However, the levels Air China is testing can offer a long-term opportunity. (Learn more: Support & Resistance)