GLOBAL EQUITY MARKETS – February 5, 2022

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is looking for direction around the 200-day average. The ETF recovered above 99 levels but still hasn’t settled above the 200-day average. Latest price action changed my positive view on this ETF. 99-101.2 is the new resistance. Unless we see a quick recovery above this resistance area, I will expect lower prices in the coming weeks.

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 – FEBRUARY 5, 2022 – PART I

GLOBAL EQUITY MARKETS – FEBRUARY 5, 2022 – PART II

TECH CHARTS WATCHLIST – SUMMARY OF RICS & PATTERNS IN FOCUS

The benchmark for the Emerging Markets performance, the iShares MSCI Emerging Markets Index ETF (EEM) is trading below the 200-day average. The ETF has been recording lower lows and lower highs confirming the downtrend in Emerging Markets. The ETF rebounded from the lower boundary of the downward sloping channel. Strong resistance area remains between 50.6 and 51.7. The longer price remains below the 200-day average, the higher the chances of an established downtrend. There is no bottom reversal chart pattern on daily scale. Breakout above resistance area between 50.6 and 51.7 can reverse the past one year’s downtrend. Breakdown below the lower boundary of the trend channel can accelerate the downtrend.

The benchmark for the Frontier equity markets performance, the iShares MSCI Frontier 100 ETF, possibly completed the right shoulder of the H&S top. The 200-day (40 week) average is forming support at 33.4 levels. Support area remains between 33.4 and 33.5 levels. Breakdown below support at 33.4 levels can target 31 levels. Frontier Markets ETF is one of the last (between ACWI, EEM and FM) that is still holding above its year-long average.

Nasdaq 100 found resistance at the 200-day average. S&P 500 Index climbed above its year-long average at 4,935 levels. Both indices are looking for direction. We either recover and settle above the 200-day averages and resume the uptrend, or fail and resume corrections to lower levels below the 200-day. There is mixed messages between the U.S. equity benchmarks.

After breaking down support at 2,100 levels the index trended towards the price target at 1,865 levels. In case of  a larger scale correction this can be a conservative price target. Russell 2000 can target much lower levels. 2,100 will act as resistance. The index is now clearly below the 200-day average. If this week’s price action was a pullback, we can expect continuation of the downtrend below the 200-day average.

Euro Stoxx 50 Index is in a trading range between 4,110 and 4,410 levels. As long as price remains above the 200-day average, I will treat this as a steady uptrend. Breakdown below the 200-day average and the minor low at 4,040 levels can reverse the uptrend and can result in a larger-scale correction. This week’s price action tested the lower boundary of the broadening range. EuroStoxx 50 is at an inflection point.

European Banking Index remains in an uptrend. Earlier the index reversed from 111 levels, a strong resistance. The index is in a wide trading range between 96.7 (the 200-day average), and the strong resistance at 111 levels. Compared to EuroStoxx 50 index, European Banks performed much better since the beginning of the year.

Germany’s Midcap equity benchmark reversed from its previous high at 36.4K. As price tested the lower boundary at 33.2K, I started looking at two options; possibility to rebound and form a rectangle consolidation or possibility to breakdown and complete a double top with price objective of 30.4K. This week’s price action got rejected at the 200-day average. Recompletion of the pattern can send the price to the pattern target at 30.4K as the price is now below the long-term average.

Japan’s NIKKEI 225 Index recovered above the lower boundary at 27K levels. I still continue to monitor this chart with a bearish bias. Price is below the long-term average and has strong resistances ahead. A recovery above 28.3K can change my bearish view.

China SSE 50 Index failed to settle above the 200-day average. Last 3 months upward channel is possibly acting as a bearish continuation as the index failed to recover above the 200-day average at 3,315 levels. China SSE 50 Index continues to remain in a downtrend. I will monitor price action around the minor low for a possible rebound.

Turkey’s BIST 100 equity benchmark cleared the resistance at 1,600 levels on weekly scale. Breakout above a rising trend channel (monthly scale) is usually followed by a runaway price action (strong rally). The upper boundary of the monthly scale price chart is at 1,740 levels that is expected to be support during pullbacks. The daily scale price chart shows a blow off top with the long upper shadow. I expect the index to consolidate and possibly pullback to the upper boundary of the rising trend channel.

Volatility/weakness on Turkish Lira continues and the ETF is trying to hold above the lower boundary of its multi-year long consolidation at 17.6 levels. This is a monthly scale price chart and long-term consolidation is between 17.6 and 29 levels. Breakdown below 17.6 levels (consecutive daily closes) will suggest lower prices towards the chart pattern price target at 11. For now the trading range between 17.6 and 29 levels is intact.

Price chart of cash Gold price has been forming lower highs since the last quarter of 2020. Price is trading around the 200-day average at 1,800 levels. The chart pattern on monthly scale can become a descending triangle with the horizontal support at 1,680 levels. Another test of 1,680 levels can put the long-term uptrend in jeopardy. I’ve adjusted the upper boundary of the possible descending triangle. The resistance stands at 1,866 levels. Breakout above 1,866 levels will negate the descending triangle.

Silver remains range bound between 21.8 and 30 levels. There is also another short-term consolidation range between 21.8 and 24.7 levels. I’m weighing the possibility of a double bottom (rectangle reversal) with the neckline standing at 24.7 levels. Failure to recover above the year-long average and target 24.7 levels can increase the likelihood of the latest consolidation becoming a bearish continuation. In that case I will closely monitor horizontal support at 21.8 levels.

The daily scale price chart of Silver shows much better the price action between the boundaries. Once again price couldn’t find the momentum to clear the resistance at 24.7 levels and we are now back to the strong support at 21.8 levels. Breakdown can accelerate the downward momentum with a possible price objective at 15.6 levels. If you are trading price action between boundaries, Silver is offering another opportunity close to the well-defined lower boundary.

Copper continues to hold above the 200-day moving average. At this point I can conclude that price is in a trading range between 4.26 and 4.8 levels. I’m weighing the possibility of a symmetrical triangle forming between 4.2 and 4.8 levels. Breakdown below the 200-day average can result in a larger scale correction towards the next support at 3.3. As long as price remains above the 200-day average, I will treat this chart as an uptrend.

European Bund price had a major selloff this week and broke down the strong support area with a long weekly candle. 167.6-169.3 becomes the new resistance. Rectangle can act as a a top reversal with the price objective of 160 levels.

The U.S. 10 Year T-Note broke down the support area between 130 and 130.7. The 200-day moving average is forming resistance at 131.7 levels. Breakdown below 130 levels resumed the downtrend. 130-130.7 area becomes resistance. U.S. Treasuries are in a downtrend below the 200-day average.

Both Nifty 50 and Sensex has been in a strong and steady uptrend. For Sensex, short-term resistance stands at 62K and for Nifty it is at 18.6K. Wide trading range is between the 200-day averages and the minor highs. There is no clear top reversal chart pattern on both indices. As long as price remains above the 200-day average, I will treat both charts as in an uptrend.

The Dollar Index is holding above 93.43 levels. Breakout above 93.43 was followed by a steady uptrend towards the price target at 97.23 levels. Previous resistance at 93.43 levels becomes the new support. Long-term price chart shows a wide range between 88.7 and 103 levels.

I’ve discussed USDJPY in the previous updates. I think the chart has completed the long-awaited breakout. Strong USD against Japanese Yen can target 125 levels. The pair is going through historical low volatility condition and  the possible breakout can be followed by strong price action (back to back monthly long white candles). For the breakout to succeed, price needs to accelerate on the upside.

The chart below is the 10 Year U.S. Treasury Yield Index. Yields possibly completed a multi-month long cup & handle continuation with the horizontal boundary that was acting as resistance at 17 levels. I am now monitoring this chart as a completed cup & handle with the price target of 23 levels. 17.3 becomes the new support. Latest short-term consolidation was possibly a bullish pennant that resumed the uptrend.

A clean H&S top reversal can be identified on Netherlands AEX Index. 5 month-long H&S top has a neckline at 754 levels. Price is consolidating around the neckline and the 200-day average, looking for direction. Price target stands at 694 levels. Failure to settle above the 200-day average can reverse the uptrend with this top reversal chart pattern. Looking for confirmation in the following week.

Charts below review several ETFs that have similar technical outlook. If you like to trade range-bound price actions between well-defined boundaries, those setups are valuable for you. If you like to trade breakouts/breakdowns, any weakness in the following week can become a short signal. Rectangles can act as top reversals and reverse uptrends. Until that happens those well-defined ranges are offering trading opportunity between horizontal boundaries.

ISHARE EUROPE ETF (IEV) formed a 6 month-long rectangle with the lower boundary acting as support at 51.5 and the upper boundary as resistance at 55.7 levels. Breakdown below the well-defined lower boundary can push the index towards the price target at 47.8 levels.

ISHARE MSCI EAFE ETF (EFA) formed a 6 month-long rectangle with the upper boundary acting as resistance at 82 and the lower boundary as support at 76.4 levels. Breakdown below the horizontal support resulted in a top reversal with the price target at 71 levels. Price is below the 200-day average. This week’s price action can be a pullback before the downtrend resumes.

ISHARES 0-5 YR TIPS BOND ETF (STIP.K) formed a 6 month-long rectangle with the lower boundary acting as support at 105.4 and the upper boundary as resistance at 107.1 levels. Breakdown below horizontal support took place with gap opening. Rectangle is acting as a top reversal with price target of 103.8 levels.

Invesco Dynamic Oil & Gas Services ETF formed an 8 month-long rectangle with the lower boundary acting as support at 2.98 and the upper boundary as resistance at 4.27 levels. The ETF rebounded from the well-defined horizontal support. Short-term double bottom completed with the breakout above neckline at 3.3 levels. Breakout above the minor high at 3.3 levels cleared the 200-day average and  met price target at 3.65 levels. PXJ is possibly targeting the upper boundary of its 8 month-long consolidation range at 4.27 levels.

Below are some interesting bullish setups in Asia equities.

I’ve covered Singapore Strait Times Index in previous updates. The index has been consolidating in a well-defined range. After rebounding from the lower boundary, the index cleared the upper boundary at 3,230 levels. Breakout above 3,230 completed the 7 month-long rectangle with the price target of 3,420 levels. This week’s price action was strong, rebounding from support level.

Another text-book rectangle is developing on Indonesia IDX composite index. Though this one is on daily scale and slightly shorter-term than the rectangle on Singapore Index. The upper boundary of the rectangle is forming resistance at 6,745 levels. Breakout can target 6,900 levels.

China SSE Composite Index (larger universe) might be forming a rectangle chart pattern. The upper boundary is acting as resistance at 3,720 levels. Price is now close to the lower boundary at 3,335 levels. Breakdown can target 3,000 levels.

There are 5 new breakout/breakdown signals.

TECH CHARTS ALERT

UNITED PARCEL SERVICE INC (UPS)

United Parcel Service, Inc. (UPS) is a package delivery company. The Company is a provider of global supply chain management solutions. The Company operates through three segments: U.S. Domestic Package operations, International Package operations, and Supply Chain & Freight operations. The stock is listed on the New York Stock Exchange. Price chart formed a 6 month-long head and shoulder continuation with the horizontal boundary acting as strong resistance at 220.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 226.00 levels confirmed the breakout from the 6 month-long head and shoulder continuation with the possible chart pattern price target of 256.00 levels. (Learn more: Video Tutorial)

RELIANCE INFRASTRUCTURE LTD (RLIN.NS)

Reliance Infrastructure Limited (RInfra) is involved in the infrastructure sector. The Company is a utility company with presence across the chain of power businesses, such as generation, transmission, distribution and power trading. The stock is listed on the National Stock Exchange of India. Price chart formed a 6 month-long ascending triangle with the horizontal boundary acting as strong resistance at 111.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 114.00 levels confirmed the breakout from the 6 month-long ascending triangle with the possible chart pattern price target of 160.00 levels. (Learn more: Video Tutorial)

NATUREL YENILENEBILIR ENERJI TICARET AS (NATEN.IS)

Naturel Yenilenebilir Enerji Ticaret AS is a Turkey-based company engaged in the renewable energy sector. The stock is listed on the Istanbul Stock Exchange. Price chart formed a 15 month-long rectangle with the horizontal boundary acting as strong resistance at 47.10 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 48.50 levels confirmed the breakout from the 15 month-long rectangle with the possible chart pattern price target of 63.70 levels. Breakout pushed the stock to all-time highs. (Learn more: Video Tutorial)

NINTENDO CO LTD (7974.T)

Nintendo Co., Ltd. is mainly engaged in the development, manufacture and sale of entertainment products in home entertainment field. The Company’s main products include game machines such as portable and console game machines and software, as well as trump and Carta (Japanese-style playing cards). The stock is listed on the Tokyo Stock Exchange. Price chart formed a 6 month-long head and shoulder bottom with the horizontal boundary acting as strong resistance at 56,200.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 57,800.00 levels confirmed the breakout from the 6 month-long head and shoulder bottom with the possible chart pattern price target of 63,700.00 levels. (Learn more: Video Tutorial)

AVERY DENNISON CORP (AVY)

Avery Dennison Corporation 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 7 month-long rectangle with the horizontal boundary acting as strong support at 197.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close below 191.00 levels confirmed the breakdown from the 7 month-long rectangle with the possible chart pattern price target of 170.30 levels. (Learn more: Video Tutorial)

There are 5 additions to watchlist.

TECH CHARTS WATCHLIST

AMERICAS

OLD SECOND BANCORP INC (OSBC.O) – new addition to watchlist

Old Second Bancorp, Inc. is bank holding Company. The Company through its wholly-owned subsidiary bank, Old Second National Bank (the Bank), offers a range of financial services. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 9 month-long head and shoulder continuation with the horizontal boundary acting as strong resistance at 14.25 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 14.67 levels will confirm the breakout from the 9 month-long head and shoulder continuation with the possible chart pattern price target of 17.00 levels. (Learn more: Video Tutorial)

NABORS INDUSTRIES LTD (NBR) – new addition to watchlist

Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The stock is listed on the New York Stock Exchange. Price chart formed a 9 month-long head and shoulder continuation with the horizontal boundary acting as strong resistance at 127.50 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 131.30 levels will confirm the breakout from the 9 month-long head and shoulder continuation with the possible chart pattern price target of 190.00 levels. (Learn more: Video Tutorial)

CALIFORNIA RESOURCES CORP (CRC) – new addition to watchlist

California Resources Corporation is an independent oil and natural gas exploration and production company. The Company is focused on land, mineral, and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects. 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 46.40 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 47.80 levels will confirm the breakout from the 4 month-long rectangle with the possible chart pattern price target of 54.00 levels. (Learn more: Video Tutorial)

VALERO ENERGY CORP (VLO)

Valero Energy Corporation (Valero) is an is an international manufacturer and marketer of transportation fuels and petrochemical products. The Company’s segments include refining, renewable diesel, and ethanol. The stock is listed on the New York Stock Exchange. Price chart formed a 9 month-long head and shoulder continuation with the horizontal boundary acting as strong resistance at 84.30 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 86.80 levels will confirm the breakout from the 9 month-long head and shoulder continuation with the possible chart pattern price target of 105.00 levels. (Learn more: Video Tutorial)

TEREX CORP (TEX)

Terex Corporation designs, builds, and supports products used in construction, maintenance, manufacturing, energy, minerals, and materials management applications. The stock is listed on the New York Stock Exchange. Price chart formed a 7 month-long descending triangle with the horizontal boundary acting as strong support at 40.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close below 38.80 levels will confirm the breakdown from the 7 month-long descending triangle with the possible chart pattern price target of 30.00 levels. Descending triangle can act as top reversal. (Learn more: Video Tutorial)

INDUSTRIAL SELECT SECTOR SPDR FUND (XLI)

The ETF is listed on the New York Stock Exchange. Price chart formed a 7 month-long rectangle with the horizontal boundary acting as strong support at 98.80 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close below 97.30 levels will confirm the breakdown from the 7 month-long rectangle with the possible chart pattern price target of 90.50 levels. (Learn more: Video Tutorial)

 

NEWPARK RESOURCES INC (NR)

Newpark Resources, Inc. is a geographically diversified supplier providing products, as well as rentals and services to customers across multiple industries. Its segments include Fluids Systems and Industrial Solutions. The Fluids Systems segment primarily provides customized drilling, completion, and stimulation fluids solutions to oil and natural gas exploration and production (E&P) customers primarily in North America and Europe, the Middle East and Africa (EMEA), as well as certain countries in the Asia Pacific and Latin America. The Industrial Solutions segment includes Site and Access Solutions business, along with Industrial Blending operations. Its Site and Access Solutions provides composite matting system rentals utilized for temporary worksite access, along with related site construction and services to customers in various markets including power transmission, E&P, pipeline, renewable energy, petrochemical, construction and other industries in the United States and Europe. The stock is listed on the New York Stock Exchange. Price chart formed a 9 month-long head and shoulder continuation with the neckline (slightly downward sloping) acting as strong resistance at 3.76 levels. The neckline was tested several times over the course of the chart pattern. A daily close above 3.87 levels will confirm the breakout from the 9 month-long head and shoulder continuation with the possible chart pattern price target of 5.70 levels. (Learn more: Video Tutorial)

NABORS INDUSTRIES LTD (NBR)

Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The stock is listed on the New York Stock Exchange. Price chart formed a 9 month-long head and shoulder continuation with the horizontal boundary acting as strong resistance at 128.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 132.00 levels will confirm the breakout from the 9 month-long head and shoulder continuation with the possible chart pattern price target of 187.00 levels. (Learn more: Video Tutorial)

US BANCORP (USB)

U.S. Bancorp is a financial services holding company. The Company provides a range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. The stock is listed on the New York Stock Exchange. Price chart formed a 7 month-long rectangle with the horizontal boundary acting as strong resistance at 62.80 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 64.50 levels will confirm the breakout from the 7 month-long rectangle with the possible chart pattern price target of 71.30 levels. Until there is a breakout the stock offers trading opportunity between boundaries. (Learn more: Video Tutorial)

HERITAGE COMMERCE CORP (HTBK.O)

Heritage Commerce Corp is a bank holding company for its wholly owned subsidiary Heritage Bank of Commerce (Bank), provides a range of commercial and personal banking services to residents and the business/professional community in Alameda, Contra Costa, Marin, San Benito, San Francisco, San Mateo, and Santa Clara counties of California. The stock is listed on the Nasdaq Stock Exchange. Price chart formed an 8 month-long rectangle with the horizontal boundary acting as strong resistance at 12.60 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 13.01 levels will confirm the breakout from the 8 month-long rectangle with the possible chart pattern price target of 14.40 levels. (Learn more: Video Tutorial)

DUPONT DE NEMOURS INC (DD)

DuPont de Nemours, Inc provides technology-based materials, ingredients and solutions. The Company offers its products and solutions through three segment: Electronics and Imaging, Safety and Construction, and Transportation and Industrial. The stock is listed on the New York Stock Exchange. Price chart formed a year-long rectangle with the horizontal boundary acting as strong resistance at 87.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 89.60 levels will confirm the breakout from the year-long rectangle with the possible chart pattern price target of 106.50 levels. (Learn more: Video Tutorial)

MORGAN STANLEY (MS)

Morgan Stanley offers financial services. Through its subsidiaries, it provides a variety of products and services to a group of clients and customers, including corporations, governments, financial institutions and individuals. The stock is listed on the New York Stock Exchange. Price chart formed a 5 month-long rectangle with the horizontal boundary acting as strong resistance at 105.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 107.00 levels will confirm the breakout from the 5 month-long rectangle with the possible chart pattern price target of 114.50 levels. For now the stock offers trading opportunity between the boundaries. (Learn more: Video Tutorial)

WHITESTONE REIT (WSR)

Whitestone REIT is a real estate investment trust, which is engaged in owning and operating commercial properties in culturally diverse markets in the metropolitan areas. The Company’s acquisition targets are located in densely populated, culturally diverse neighborhoods, primarily in and around Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio. The stock is listed on the New York Stock Exchange. Price chart formed a 9 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 10.40 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 10.70 levels will confirm the breakout from the 9 month-long cup & handle continuation with the possible chart pattern price target of 12.85 levels. (Learn more: Video Tutorial)

BLUCORA INC (BCOR.O)

Blucora, Inc. is a provider of tax-focused wealth management services and software. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 9 month-long rectangle with the horizontal boundary acting as strong resistance at 18.65 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 19.20 levels will confirm the breakout from the 9 month-long rectangle with the possible chart pattern price target of 23.00 levels. (Learn more: Video Tutorial)

NATURAL HEALTH TRENDS CORP (NHTC.O)

Natural Health Trends Corp. is an international direct-selling and e-commerce company. The Company offers a line of Natural Health Trends (NHT) Global branded products in seven categories: wellness, herbal, beauty, lifestyle, home, baby and daily. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 16 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 8.25 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 8.50 levels will confirm the breakout from the 16 month-long cup & handle continuation with the possible chart pattern price target of 11.40 levels. The handle part of the pattern can be identified as a rectangle. The rectangle itself offers trading opportunity between boundaries. (Learn more: Video Tutorial)

GREAT LAKES DREDGE & DOCK CORP (GLDD.O)

Great Lakes Dredge & Dock Corporation (Great Lakes) is a provider of dredging services. The Company provides dredging services in the East, West and Gulf Coasts of the United States and around the world. The stock is listed on the Nasdaq Stock Exchange. Price chart formed an 8 month-long rectangle with the horizontal boundary acting as strong resistance at 16.07 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 16.55 levels will confirm the breakout from the 8 month-long rectangle with the possible chart pattern price target of 18.67 levels. Until there is a breakout, rectangle offers trading opportunity between the boundaries. A daily close below 13 levels can confirm the rectangle as a top reversal and target 11.25 levels. (Learn more: Video Tutorial)

EUROPE

JCDECAUX SA (JCDX.PA) – new addition to watchlist

JCDecaux SA is a France-based outdoor advertising company. It divides its business into three main sectors: Advertising on Street Furniture, Billboards and Transport Advertising. The stock is listed on the Paris Stock Exchange. Price chart formed an 8 month-long rectangle with the horizontal boundary acting as strong resistance at 26.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 26.40 levels will confirm the breakout from the 8 month-long rectangle with the possible chart pattern price target of 30.00 levels. (Learn more: Video Tutorial)

BILFINGER SE (GBFG.DE) – new addition to watchlist

Bilfinger SE is a Germany-based international industrial services provider. The Company provides customized engineering and services to customers in the process industry. Its Industrial business segment includes industrial maintenance; insulation, scaffolding and painting; oil and gas, and engineering solutions. The stock is listed on the Frankfurt Stock Exchange. Price chart formed an 11 month-long head and shoulder continuation with the horizontal boundary acting as strong resistance at 33.10 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 34.00 levels will confirm the breakout from the 11 month-long head and shoulder continuation with the possible chart pattern price target of 41.60 levels. (Learn more: Video Tutorial)

AURELIUS EQUITY OPPORTUNITIES SE & CO KGAA (AR4G.DE)

Aurelius Equity Opportunities SE & Co. KGaA is a Germany-based investment company, which concentrates primarily on the segments information technology and business services, industrials and chemicals, and lifestyle and consumer goods. The stock is listed on the Frankfurt Stock Exchange. Price chart formed an 8 month-long rectangle with the horizontal boundary acting as strong resistance at 30.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 30.90 levels will confirm the breakout from the 8 month-long rectangle with the possible chart pattern price target of 36.10 levels. (Learn more: Video Tutorial)

SSE PLC (SSE.L)

SSE PLC is an energy company. The Company is engaged in the generation, transmission, distribution and supply of electricity, in the production, storage, distribution and supply of gas and in other energy services. 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 1,685.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 1,710.00 levels will confirm the breakout from the 4 month-long rectangle with the possible chart pattern price target of 1,830.00 levels. The stock offers trading opportunity between the boundaries. (Learn more: Video Tutorial)

METROPOLE TELEVISION SA (MMTP.PA)

Metropole Television SA is a France-based audiovisual company that specializes in the production, distribution and marketing of television (TV) programs. The stock is listed on the Paris Stock Exchange. Price chart formed a 9 month-long rectangle with the horizontal boundary acting as strong support at 16.50 levels. Both boundaries were tested several times over the course of the chart pattern. A daily close above 19.9 levels will confirm the breakout from the 9 month-long rectangle with the possible chart pattern price target of 22.68 levels. Until there is a breakout in one direction the stock offers trading opportunity. A daily close below 16.15 will confirm the rectangle as a reversal with the price objective at 14.15 levels. (Learn more: Video Tutorial)

IPSEN SA (IPN.PA)

Ipsen SA is a France-based biopharmaceutical group specialized in specialty care. The Company operates globally through two segments: Specialty Care and Consumer Healthcare. The stock is listed on the Paris Stock Exchange. Price chart formed a 14 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 92.90 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 95.70 levels will confirm the breakout from the 14 month-long cup & handle continuation with the possible chart pattern price target of 117.30 levels. The handle part of the pattern is possibly morphing into a rectangle. (Learn more: Video Tutorial)

NEXT PLC (NXT.L)

NEXT plc is a United Kingdom-based retailer offering clothing, footwear, accessories, beauty and home products. The stock is listed on the London Stock Exchange. Price chart formed an 8 month-long rectangle with the horizontal boundary acting as strong resistance at 8,200.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 8,445.00 levels will confirm the breakout from the 8 month-long rectangle with the possible chart pattern price target of 9,195.00 levels. A daily close below 7,010 levels can confirm the rectangle as a top reversal with the price target of 6,400 levels. (Learn more: Video Tutorial)

KEMIRA OYJ (KEMIRA.HE)

Kemira Oyj is a Finland-based Company, which offers sustainable chemical solutions for water intensive industries. The stock is listed on the Helsinki Stock Exchange. Price chart formed an 8 month-long rectangle with the horizontal boundary acting as strong resistance at 14.60 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 14.80 levels will confirm the breakout from the 8 month-long rectangle with the possible chart pattern price target of 16.00 levels. The stock offers trading opportunity between boundaries. Incase of a daily close below 12.90 levels rectangle can act as a top reversal and target 11.8 levels. (Learn more: Video Tutorial)

MIDDLE EAST & AFRICA

DUBAI ISLAMIC INSURANCE & REINSURANCE COMPANY AMAN PJSC (AMAN.DU)

Dubai Islamic Insurance and Reinsurance Company PSC (Aman) is a United Arab Emirates-based company engaged in the provision of all classes of insurance and reinsurance products and services in accordance with the Islamic sharia principles. The stock is listed on the Dubai Stock Exchange. Price chart formed a year-long ascending triangle with the horizontal boundary acting as strong resistance at 1.185 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 1.22 levels will confirm the breakout from the year-long ascending triangle with the possible chart pattern price target of 1.50 levels. (Learn more: Video Tutorial)

ASIA

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 an 8 month-long rectangle with the horizontal boundary acting as strong resistance at 1,985.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 2,045.00 levels will confirm the breakout from the 8 month-long rectangle with the possible chart pattern price target of 2,288.00 levels. A daily close below 1,613 levels will confirm the breakdown with the price target of 1,400 levels. (Learn more: Video Tutorial)

TATA MOTORS LTD (TAMO.NS)

Tata Motors Limited is an automobile company. The Company is engaged in manufacture of motor vehicles. The Company’s segments include automotive operations and all other operations. The stock is listed on the National Stock Exchange. Price chart formed a 3 month-long rectangle with the horizontal boundary acting as strong resistance at 531.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 547.00 levels will confirm the breakout from the 3 month-long rectangle with the possible chart pattern price target of 621.00 levels. (Learn more: Video Tutorial)

KAGOME CO LTD (2811.T)

Kagome Co Ltd is a Japan-based company mainly engaged in the manufacture, purchase and sale of foods at home and abroad. The stock is listed on the Tokyo Stock Exchange. Price chart formed a 7 month-long rectangle with the horizontal boundary acting as strong resistance at 3,065.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 3,110.00 levels will confirm the breakout from the 7 month-long rectangle with the possible chart pattern price target of 3,327.00 levels. Rectangle can act as a bottom reversal. (Learn more: Video Tutorial)

ADANI TRANSMISSION LTD (ADAI.NS)

Adani Transmission Limited is a holding company. The Company operates as a power transmission company. It is engaged in transmission of electric energy and trading of castor oil. The stock is listed on the National Stock Exchange of India. Price chart formed a 4 month-long ascending triangle with the horizontal boundary acting as strong resistance at 2,015.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 2,137.00 levels will confirm the breakout from the 4 month-long ascending triangle with the possible chart pattern price target of 2,500.00 levels. The stock is not very liquid for large portfolios. (Learn more: Video Tutorial)

ITOCHU CORP (8001.T)

ITOCHU Corporation is a Japan-based trading company. The stock is listed on the Tokyo Stock Exchange. Price chart formed a 9 month-long rectangle with the horizontal boundary acting as strong resistance at 3,615.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 3,723.00 levels will confirm the breakout from the 9 month-long rectangle with the possible chart pattern price target of 4,137.00 levels. Breakout can push the stock to all-time highs. (Learn more: Video Tutorial)

TOYOTA INDUSTRIES CORP (6201.T)

TOYOTA INDUSTRIES CORPORATION is primarily engaged in the manufacture and sale of automobiles, industrial vehicles and textile machinery. The stock is listed on the Tokyo Stock Exchange. Price chart formed a 7 month-long rectangle with the horizontal boundary acting as strong resistance at 10,115.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 10,400.00 levels will confirm the breakout from the 7 month-long rectangle with the possible chart pattern price target of 11,500.00 levels. For now the stock offers trading opportunity between well-defined boundaries. (Learn more: Video Tutorial)

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD (ANZ.AX)

Australia and New Zealand Banking Group Limited provides a range of banking and financial products and services. The Company’s segments include Australia, New Zealand, Institutional, Pacific, and Technology, Services and Operations and Group Centre (TSO). The stock is listed on the Australia Stock Exchange. Price chart formed a 7 month-long rectangle with the horizontal boundary acting as strong resistance at 29.60 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 30.00 levels will confirm the breakout from the 7 month-long rectangle with the possible chart pattern price target of 32.20 levels. A daily close below 26.4 levels will confirm the breakdown with the possible price target of 24.3 levels. (Learn more: Video Tutorial)

OOH!MEDIA LTD (OML.AX)

oOh!media Limited is an Australia-based out-of-home (OOH) media company. The Company offers advertisers the platform to create engagement between people and brands through its portfolios in Australia and New Zealand. The stock is listed on the Australia Stock Exchange. Price chart formed a 9 month-long rectangle with the horizontal boundary acting as strong resistance at 1.91 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 1.97 levels will confirm the breakout from the 9 month-long rectangle with the possible chart pattern price target of 2.40 levels. (Learn more: Video Tutorial)