GLOBAL EQUITY MARKETS – July 27, 2024

REVIEW

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is clearly above its long-term average and resuming the steady uptrend. Strong support area is between 110.45 and 112.6 levels. Short-term corrections and consolidations are part of any strong uptrend and should be expected with this ETF as well. Larger-scale correction can target the 200-day average around 106.25 levels. This week’s sharp pullback found support between 110.45-112.6 area.

 

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GLOBAL EQUITY MARKETS – JULY 27, 2024 – PART I

GLOBAL EQUITY MARKETS – JULY 27, 2024 – PART II

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TECH CHARTS WATCHLIST – SUMMARY OF RICS & PATTERNS IN FOCUS

STOCKS REMOVED FROM WATCHLIST

• MISUMI GROUP
• UNITED MICROELECTRONICS CORP.

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The benchmark for the Emerging Markets performance, the iShares MSCI Emerging Markets Index ETF (EEM) broke out of its channel at 41.4 levels. Following the breakout the ETF completed a pullback towards the upper boundary. Previous resistance becomes the new support. Strong support is at 41.25 levels. Since November 2023, price chart shows an upward trend channel with the lower boundary and the 200-day average overlapping and forming support around the same level at 41.25 levels. Uptrend is intact with price trading above its year-long average. The ETF formed similar candlestick patterns around the same support levels. I will monitor this ETF to see if get a similar rebound in the following weeks.

The benchmark for the Frontier equity markets performance, the iShares MSCI Frontier 100 ETF broke out of the possible H&S bottom reversal with the breach above the neckline at 27 levels. The ETF quickly reached the price target which acted as strong resistance at 28.47 levels. Previous resistance at 27 levels becomes the new support. A possible ascending triangle bottom reversal can complete with a breakout above 28.47 levels with the price target of 33.47 levels. Failure to hold above the 200-day average at 27.32 levels can result in extension of the sideways consolidation and possibly weakness towards the lower boundary of the ascending triangle at 25 levels.

Nasdaq 100 is in a steady uptrend above its 200-day average. Short-term pullbacks and consolidations are expected along the way. 18.5K-17.74K area can act as long-term support. The lower boundary of the possible uptrend channel was breached with last weeks correction. This doesn’t change the bullish outlook. It can result in continuation of the reversion to the mean. There is no bottom reversal pattern in the short-term.

S&P 500 Index reached its chart pattern price target after completing a 3 month-long cup & handle continuation with the breakout above 5,335 levels. Horizontal resistance at 5,335 levels becomes the new support. Uptrend is intact. Possible trend channel’s lower boundary was breached this week at 5,500 levels. Failure to hold above the lower boundary of trend channel is resulting in weakness towards the horizontal support at 5,335 levels.

Russell 2000 Index has been a laggard when compared with Tech stocks and Blue chips. Price action has been volatile around 2,000 levels. Bullish technical outlook has been intact with price holding above the 200-day average. Following the breakout above the horizontal neckline at 2,120 levels price came close to H&S continuation price target at 2,290 levels. Rectangle base price target stands at 2,360 levels. Previous resistance at 2,120 levels acts as the short-term support. Outlook is positive for small caps.

Euro Stoxx 50 is in a steady uptrend. Pullbacks are part of the uptrend and recently tested the 200-day average at 4,763 levels. Strong support area is between 4,630 and 4,763 levels. At this point I see the price action as a reversion to the mean. I’ve adjusted the boundaries of the rectangle and the price action fits into a downward channel that is possibly a reversion to the mean. The upper boundary of the channel is acting as short-term resistance at 5,075 levels and the lower boundary as support at 4,820 levels. Breakdown below the channel can result in a quick re-test of the trend line support and year-long average between 4,630 and 4,757 levels.

European Banking Index broke above 117-119.7 area which is positive for European banks in the long-term. Given the steep advance, it is possible that the index is now taking a breather and consolidating the gains of first half of the year. The long-term upward trend line from July 2022 lows is overlapping with the the 200-day average around the same level at 131.25 levels. Continued short-term strength helped the index test the resistance at 149.4 levels. A wide trading range might be forming between 134.6 and 149.4 levels.

Germany’s XETRA Dax Index is trending above the 200-day average. The index possibly completed a 2 year-long cup & handle continuation that broke out to new all-time highs. Long-term cup & handle continuation price target stands at 20,800 levels. Strong support stands at 16,300 levels. As part of a reversion to the mean Dax can tests the 200-day average at 17,570 levels (possibility if market stalls at current levels).

France CAC 40 Index’s breakdown of the channel is resulting in a deeper correction towards the 200-day average and horizontal support around 7,360 levels. The minor low at 7,900 levels was taken out in June and confirmed the breakdown for the index. I will monitor CAC 40 to see if it will find support at 7,360 levels. Failure to do so can extend the correction towards the next support at 6,810 levels. This week’s price action was rebound from the support at 7,360 levels. A quick recovery above the year-long average in the following weeks can keep the uptrend intact.

Japan’s NIKKEI 225 index completed a 6 month-long cup with handle continuation and met its price target at 37.5K. Since March the index has been consolidating in a wide range between 41K and the 200-day average at 37K. Uptrend is intact with price remaining above the year-long average and inside the upward trend channel. In fact the index might be close to an inflection point formed by strong support levels.

Australia S&P ASX 50 Index cleared the strong horizontal the resistance at 7,380 levels. Strong price action puts the H&S continuation possibility on the cards. H&S continuation price target stands at 8,300 levels. 7,200-7,380 area was tested as support. Last few week’s price action was possibly a re-test of the support area. Uptrend can resume. Breakout above 7,740 levels completed the short-term rectangle consolidation and and can resume the existing uptrend. Previous resistance at 7,740 levels becomes the short-term support.

China SSE 50 Index has been in a steady downtrend over the past several years. Past one year’s price action is showing a well-defined downward sloping channel that broke out on the upside. The index is consolidating around its 200-day average and looking for direction. Though, the signals are mixed with two different H&S patterns forming around the same level and not offering any clear direction at this point. With this week’s reversal back below the 200-day average, possibility of a short-term H&S top emerged.

The daily scale price chart shows the completed H&S bottom reversals, first one with the price clearing the neckline at 2,330 levels. The second one more recent, clearing the neckline and the 200-day average around the same level at 2,444 levels. The H&S bottom reversal was negated with this week’s sell-off and now a possible H&S top develops with the neckline at 2,355 levels. Continued weakness in the following week can complete the H&S top with the price target of 2,180 levels.

BIST 100 equity benchmark continues to remain above the upper boundary of the rising trend channel. Usually price action above the upper boundary of a rising trend channel suggest strong trend. The 200-day moving average acted as a long-term support now standing at 9,372 levels. Uptrend is intact.

The uptrend remains intact with long-term average acting as support at 9,372 levels. BIST 100 possibly completed its correction towards the minor high at 9,240 levels. It is possible that the index is consolidating last 2 month’s gains in a developing uptrend channel. Breakdown below 10,600 levels can result in a re-test of the 200-day average at 9,372 levels. For now we can conclude that the uptrend is intact in a rising trend channel.

The daily scale chart shows the last 4 month’s price action as a well-defined upward trend channel. The index rebounded from the lower boundary of the upward channel with July’s strength and resuming its uptrend with this week’s price action. Breakdown of the channel can result in a deeper correction towards the 200-day average. Uptrend is intact for now.

The Ishares MSCI Turkey ETF cleared the 29 levels. Breakout above 29 levels possibly completed several years of consolidation as a bottom reversal. The rectangle bottom reversal chart pattern price target stands at 40. Strong monthly close in November 2022 confirmed the breakout from the multi-year long rectangle. Previous resistance at 29 acted as the new support. Price action can be a breakout followed by a completed pullback and now the continuation of the existing trend. Continued consolidation between 29 and 40 has been constructive for TUR ETF. I’m now weighing the possibility of an ascending triangle completing above the support at 29 levels. The upper boundary of the ascending triangle has been acting as resistance at 39 levels. Possible chart pattern price target stands at 50.4 levels. I consider May price action a strong monthly close above 39-40 area. Breakout is confirmed and previous resistance at 39 levels becomes the new support.

The Ishares MSCI UK ETF breached the 200-day average on the upside putting the price action in bullish territory. The horizontal boundary at 34.5 levels hasn’t been breached over the past 4 years and now this can be the strong breakout signal. I’m weighing the possibility of a long-term H&S continuation chart pattern completing with the breakout above 34.5 levels and also the right shoulder acting as a short-term H&S continuation. 2 different chart patterns might be completing around the same level. The neckline stood at 34.5 levels and already breached on the upside. There are two chart pattern price targets in focus. First one is at 37.6 levels and the second one is at 43 levels. During recent pullback 34.5 levels acted as support. A wider support area is between 34.21 and 34.5 levels.

DIA broke out of an upward channel with the upper boundary at 360 levels. Such price action is usually followed by a rally. The ETF is strong and above its 200-day average. I start analyzing DIA ETF with bullish perspective above its 200-day average. The ETF possibly completed  its pullback to strong support area formed by the horizontal boundary and the 200-day average at 382 levels. Uptrend can resume. Last week’s volatile price action cleared the consolidation between 370 and 400 levels though the weekly close was at the upper boundary, not a decisive breakout signal. The “doji” (long upper shadow) shows that the buyers were not strong enough to clear the resistance and keep the price higher. This week was relatively strong closing above the upper boundary of the recent consolidation. Jury is out and the following week we will need to monitor price chart for more evidence. A strong weekly close (long white candle) is required for trend acceleration. Failure to hold above 400 levels can result in further consolidation above the year-long average.

The long-term price chart of UK FTSE 100 Index is completing the multi-month long H&S continuation chart pattern. The horizontal resistance was the neckline at 7,750 levels. This is a monthly scale price chart. April close was strong with a long white candle that cleared the minor high at 8,050 levels. Ideal condition for a strong breakout was met with April’s close above 8,050 levels. Outlook is positive for UK equities. It is important to note that the index is breaking out of a multi-year long consolidation and the confirmed breakout can be followed by multi-year long uptrend. 7,750-8,050 area becomes the new support.

Both Nifty 50 and Sensex completed multi-month long cup & handle continuation chart patterns. The horizontal support for Nifty 50 stands at 18,690 levels and for Sensex it is at 63,100 levels. Cup & handle continuation price targets for Nifty 50 and for Sensex were met. Previous horizontal resistances become the new support. I will continue to view India equities in a steady uptrend as long as they remain above their strong support levels and the 200-day averages. Last few month’s price action on both benchmarks formed upward trend channels that were breached on the upside, accelerating the uptrends. Such price action can be followed by a rally as price clears the positive extreme in an uptrend. The upper boundary of the channel becomes the new short-term support for both indices. For Nifty 50 the short term support stands at 23.3K and for Sensex it is at 76.7K.

Breakout above 2,070 levels completed a multi-year long rectangle with the price target of 2,460 levels. Given that we are analyzing a monthly scale chart, March’s breakout was confirmed with a strong monthly close above the resistance. It is important to note that due to the length of the recent consolidation (multi-year long), breakout possibly started a multi-month long trend. Previous resistance at 2,070 levels becomes the new support. This month’s strength met the initial price target for the rectangle.

Since the beginning of 2023 Gold has been in a steady uptrend above its 200-day average. Long-term trading range between 1,680 and 2,070 completed with the strong breakout. Rectangle price target was met at 2,460 levels. The 200-day moving average is acting as support at 2,212 levels. Previous resistance at 2,070 levels becomes the new support. It is important to note that price can consolidate as it forms the steady uptrend. The boundaries of the short-term consolidation is shaping as 2,275 and 2,440. Rebound from the lower boundary at 2,275 levels  found resistance at the upper boundary of the short-term consolidation at 2,440 levels. Breakout above 2,440 levels can resume the uptrend towards the rectangle price target at 2,605 levels. I will monitor the chart for a strong weekly close to confirm the breakout above 2,440 levels.

Silver has been the most volatile and with the most frequent false signals between the metals that were discussed in the report. Previous resistance at 26.2 levels becomes the new long-term support which is also overlapping with the 200-day average around 26.78 levels. Price target for the H&S bottom stands at 34.6 levels. Recent sharp correction is targeting the year-log average as part of a reversion to the mean. Uptrend is intact.

Below is the daily scale price chart of Silver. Breakout above 26.2 levels confirmed not only the H&S bottom reversal but also the right shoulder as an ascending triangle. The chart is showing an uptrend with higher highs and higher lows. Minor low at 28.5 can act as short-term support once again. A possible short-term consolidation can form between 28.5 and 31.7 levels. Breakdown below 28.5 levels can push price lower towards the 200-day average at 26.7 levels.

Copper has been in a sideways consolidation range which has become better defined between 3.54 and 4 levels. Breakout above 4 levels put Copper on a positive outlook. Uptrend resumed towards the rectangle price target at 4.46 levels and exceeded to clear the resistance at 4.85 levels. Price failed to hold above the 4.85 horizontal resistance. Failure to quickly recover above 4.85 levels confirmed the breakout above 4.85 as failure. Failure to hold above the year-long average at 4.22 levels resulted in a deeper correction towards the horizontal support at 4 levels. I will monitor price to see if it will find support at 4 levels and recover above the year-long average at 4.22 levels.

SPDR Materials Select Sector ETF (XLB) completed a year-long rectangle and sideways consolidation that is acting as a bullish continuation. Both boundaries of the consolidation are tested several times. Breakout above 85.8 levels possibly launched a new uptrend towards the rectangle price target at 96.9 levels. Previous resistance at 85.8 becomes the new support. Latest price action might be completing the pullback to the broken horizontal resistance. Short consolidation below the horizontal resistance at 92 levels can be a preparation for a breakout higher. Monitoring price action for a strong weekly close (long white candle) as breakout confirmation.

Once again a sweet opportunity might be developing on Sugar ETF CANE with the possible 9 month-long H&S top reversal. This is a text-book H&S top reversal with symmetry between shoulders and a horizontal neckline at 12.25 levels. Breakdown targets the previous rectangle chart pattern upper boundary at 10 levels as support. The neckline which acted as support at 12.25 levels turns into a resistance. Price can resume towards pattern objective in the following weeks.

Soy Bean ETF listed on NYSE has a well-defined rectangle and the price breached the lower boundary. Rectangle is acting as a top reversal and suggesting lower prices in the coming months. Last few week’s price action took out the minor low at 23.7 levels on a weekly closing basis and confirmed the breakdown. 24.3-24.75 area acted as the resistance during the first half of July. Rectangle top reversal price target stands at 20 levels. Downtrend can resume.

Crude Oil is looking for direction in a wide trading range between 64 and 94. Price continues to breach the 200-day average in both directions. Chart pattern is morphing. Possible long-term symmetrical triangle might be developing with the upper boundary acting as resistance at 83.6 and the lower boundary as support at 73.8 levels.

Last few week’s sharp rebound on weekly scale chart revives the possibility of a long-term bottom reversal. While it is a bit stretched to identify the pattern as a H&S bottom reversal at this stage, the right shoulder can become better defined if price continues to gain strength towards the neckline at 138.3 levels in the following weeks.

Last few week’s breakout above the upper boundary of the trend channel puts the bullish interpretation on the radar. Price is trading close to the 200-day average. I monitor the chart for stability above the 200-day average. Latest pullback can be a re-test of the channel upper boundary. Continued strength, once clears the 200-day average at 132.36 levels, can target 138.7 levels. Upper boundary of the channel at 131 levels becomes the short-term support.

The I-SHARE 0-5 YR TIPS BOND ETF seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds with remaining maturities of less than five years. It seeks to protect against near-term inflation. Price chart formed a 20 month-long rectangle with the upper boundary acting as resistance at 99.6 levels. Last 3 month’s consolidation right below the resistance can be a preparation for a breakout higher. Breakout can confirm the rectangle as bottom reversal with the price target of 102.9 levels.

The U.S. 10 year T-Notes is trying to recover and stabilize above the 200-day average. A possible short-term H&S bottom reversal can be seen on weekly scale charts. Recovery above 200-day average around 111 levels changed the outlook to positive in the short-term. Both the downward sloping trend line and the 200-day average are forming resistance around the same level. This month’s breach of the downtrend line can be the beginning of a trend reversal. Breach of the trendline also cleared the possible neckline of the H&S bottom. It is important for the price to accelerate away from the trend line with long weekly candles.

The uptrend is being challenged with the breach below 4.4 levels. It is important to note that the slope of the latest uptrend that started in June 2023 was not as steep as the previous stages of the uptrend. Seems like this was the first sign of weakness. Both the lower boundary of the uptrend channel and the horizontal support at 4.4 levels is breached on the downside that confirmed the change in trend. Next support area is between 3.2 and 3.9 levels. Breakdown below 3.9 levels can target 3.2 levels. I’m weighing the possibility of a double top. Continued weakness towards 3.9 levels will increase the likelihood of a top reversal in yields.

The USD Index is trying to hold above the horizontal support at 103 levels. Better defined range is between 101 and 105.5 levels. For now the price action is range-bound and looking for direction in the medium-term. Minor high at 107.3 levels can act as the neckline of a possible double bottom that can launch a new upward leg towards 117 levels. Only after a breakdown below 101 levels I will start thinking of the bearish possibilities for the USD Index.

USDJPY completed multi-year long bottom reversal with a breakout above 124 levels. Price action looks more like a strong breakout followed by a sharp pullback and now continuing higher. October 22 high at 152 levels was an important resistance which the pair paused at. USDJPY completed an ascending triangle with the breach above the upper boundary at 152 levels. Latest price action look more like a breakout and an extended pullback.

The daily scale price chart shows the important technical levels. Price action from January 2023 showed an uptrend with higher highs and higher lows. Last week price breached the trend line support. Both the 200-day average and the horizontal boundary at 152 are forming strong support and an inflection point. Breakdown of the trendline resulted in a correction towards the support at 152 levels. The uptrend will remain intact as long as price remains above support area formed by long-term trendline at 148 and the 200-day average at 152 levels.

A text-book H&S continuation might be completing on GBPUSD with the lates breakout above the horizontal neckline at 1.283 levels. This week’s price action is possibly a re-test of the horizontal neckline which is now acting as short-term support. H&S continuation price target stands at 1.333 levels.

There are 4 breakout signals.

TECH CHARTS ALERT

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PERSIMMON PLC (PSN.L)

Persimmon Plc is a United Kingdom-based housebuilder serving local markets with 30 offices across the country and three off-site manufacturing facilities. The Company operates from 30 regional offices throughout the United Kingdom, trading under the brand names of Persimmon Homes, Charles Church, and Westbury Partnerships. The stock is listed on the London Stock Exchange. Price chart formed an 18 month-long head and shoulder bottom with the horizontal boundary acting as strong resistance at 1,513.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 1,558.00 levels confirmed the breakout from the 18 month-long head and shoulder bottom with the possible chart pattern price target of 2,035.00 levels. (Learn more: Video Tutorial)

CULLEN/FROST BANKERS INC (CFR.N)

Cullen/Frost Bankers, Inc. is a financial holding and bank holding company. The Company’s segments include Banking and Frost Wealth Advisors. The stock is listed on the New York Stock Exchange. Price chart formed a 15 month-long head and shoulder bottom with the horizontal boundary acting as strong resistance at 114.50 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 118.00 levels confirmed the breakout from the 15 month-long head and shoulder bottom with the possible chart pattern price target of 143.00 levels. (Learn more: Video Tutorial)

PURECYCLE TECHNOLOGIES INC (PCT.O)

PureCycle Technologies, Inc. is commercializing a patented purification recycling technology (the Technology), originally developed by The Procter & Gamble Company, for restoring waste polypropylene into resin with near-virgin characteristics, called ultra-pure recycled (UPR) resin. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 4 month-long rectangle with the horizontal boundary acting as strong resistance at 6.46 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 6.65 levels confirmed the breakout from the 4 month-long rectangle with the possible chart pattern price target of 8.42 levels. (Learn more: Video Tutorial)

ROCKET COMPANIES INC (RKT)

Rocket Companies, Inc. is a financial technology company consisting of mortgage, real estate, and personal finance business. 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 15.17 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 15.65 levels  confirmed the breakout from the 5 month-long rectangle with the possible chart pattern price target of 19.15 levels. (Learn more: Video Tutorial)

There are 5 additions to watchlist.

TECH CHARTS WATCHLIST

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AMERICAS

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IBERDROLA SA (IBE.MC) – new addition to watchlist

IBERDROLA, S.A. is engaged in carrying out electricity and gas activities in Spain and abroad. The Company’s segments include Network business, Deregulated business, Renewable business and Other businesses. The stock is listed on the Spain Stock Exchange. Price chart formed a 2 month-long rectangle with the horizontal boundary acting as strong resistance at 12.20 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 12.38 levels will confirm the breakout from the 2 month-long rectangle with the possible chart pattern price target of 12.80 levels. (Learn more: Video Tutorial)

SAIPEM SPA (SPMI.MI) – new addition to watchlist

Saipem SpA is an Italy-based company active as contractor in the oil and gas industry in remote areas and deepwater. It supplies engineering, procurement, project management and construction services with the design and the execution of offshore and onshore projects. The stock is listed on the Milan Stock Exchange. Price chart formed a 4 month-long head and shoulder continuation with the horizontal boundary acting as strong resistance at 2.45 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 2.52 levels will confirm the breakout from the 4 month-long head and shoulder continuation with the possible chart pattern price target of 2.90 levels. The right shoulder can form a short-term rectangle. (Learn more: Video Tutorial)

INDUSTRIA DE DISENO TEXTIL SA (ITX.MC)

Industria de Diseno Textil SA, known as Inditex SA, is a Spain-based company primarily engaged in the textile industry. The Company’s activities include the design, confection, manufacturing, distribution and retail of men, women and children apparel, footwear and fashion accessories, as well as home furnishings and household textile products. The stock is listed on the Spain Stock Exchange. Price chart formed a 4 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 47.20 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 47.90 levels will confirm the breakout from the 4 month-long cup & handle continuation with the possible chart pattern price target of 52.20 levels. (Learn more: Video Tutorial)

ASTRAZENECA PLC (AZN.ST)

AstraZeneca PLC is a science-led biopharmaceutical company. It discovers, develops, and commercializes prescription medicines in oncology, rare diseases, and biopharmaceuticals, including cardiovascular, renal and metabolism, respiratory and immunology and vaccines and immune therapies. The stock is listed on the Stockholm Stock Exchange. Price chart formed a 2 month-long rectangle with the horizontal boundary acting as strong resistance at 1,697.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 1,722.00 levels will confirm the breakout from the 2 month-long rectangle with the possible chart pattern price target of 1,780.00 levels. (Learn more: Video Tutorial)

DE’ LONGHI SPA (DLG.MI)

De’ Longhi SpA is an Italy-based company which designs, produces and markets products for home and business comfort. The stock is listed on the Milan Stock Exchange. Price chart formed a 3 month-long rectangle with the horizontal boundary acting as strong resistance at 33.80 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 34.80 levels will confirm the breakout from the 3 month-long rectangle with the possible chart pattern price target of 38.45 levels. (Learn more: Video Tutorial)

SOFINA SA (SOF.BR)

Sofina SA is a Belgium-based holding company that invests, directly and indirectly, in companies from various sectors. In the sector of Energy & Services the Company has interest in GDF Suez, International Power, Exmar, bioMerieux, Suez Environnement. The stock is listed on the Belgium Stock Exchange. Price chart formed a 6 month-long head and shoulder continuation with the horizontal boundary acting as strong resistance at 230.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 234.00 levels will confirm the breakout from the 6 month-long head and shoulder continuation with the possible chart pattern price target of 262.00 levels. (Learn more: Video Tutorial)

CARD FACTORY PLC (CARDC.L)

Card Factory plc is a United Kingdom-based specialist retailer of greeting cards, dressings and gifts. The stock is listed on the London Stock Exchange. Price chart formed a 12 month-long ascending triangle with the horizontal boundary acting as strong resistance at 115.50 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 119.00 levels will confirm the breakout from the 12 month-long ascending triangle with the possible chart pattern price target of 147.00 levels. (Learn more: Video Tutorial)

MIDDLE EAST & AFRICA

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NATIONAL INDUSTRIES GROUP HOLDING KPSC (NIND.KW)

National Industries Group Holding KPSC is a Kuwait-based company engaged in diversified industrial sectors. The Company operates, along with its subsidiaries, in three business segments: Investment, Building materials and Specialist engineering. The stock is listed on the Kuwait Stock Exchange. Price chart formed a 6 month-long head and shoulder continuation with the horizontal boundary acting as strong resistance at 232.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 236.00 levels will confirm the breakout from the 6 month-long head and shoulder continuation with the possible chart pattern price target of 264.00 levels. (Learn more: Video Tutorial)

IS YATIRIM MENKUL DEGERLER AS (ISMEN.IS)

Is Yatirim Menkul Degerler AS (Is Yatirim) is a Turkey-based brokerage house established by Turkiye Is Bankasi to provide investment advisory services. The stock is listed on the Istanbul Stock Exchange. Price chart formed a 10 month-long head and shoulder continuation with the horizontal boundary acting as strong resistance at 43.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 44.20 levels will confirm the breakout from the 10 month-long head and shoulder continuation with the possible chart pattern price target of 58.00 levels. (Learn more: Video Tutorial)

PAPILON SAVUNMA TEKNOLOJI VE TICARET AS (PAPIL.IS)

Papilon Savunma Teknoloji ve Ticaret AS is a Turkey-based company, which provides security technology services and products. The Company develops and manufactures biometric identification devices, artificial intelligence (AI) backed security systems, and related software for governments, law enforcement agencies, and private companies. The stock is listed on the Istanbul Stock Exchange. Price chart formed a 4 month-long rectangle with the horizontal boundary acting as strong resistance at 163.20 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 168.00 levels will confirm the breakout from the 4 month-long rectangle with the possible chart pattern price target of 211.40 levels. (Learn more: Video Tutorial)

PENGUEN GIDA SANAYI AS (PENGD.IS)

Penguen Gida Sanayi AS is a Turkey-based food manufacturing company. The stock is listed on the Istanbul Stock Exchange. Price chart formed a 4 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 8.77 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 9.03 levels will confirm the breakout from the 4 month-long cup & handle continuation with the possible chart pattern price target of 11.23 levels. (Learn more: Video Tutorial)

SOKOUK HOLDING CO KSCP (SHCK.KW)

Sokouk Holding Co KSCP, formerly Sokouk Holding Co KSCC, is a Kuwait-based company engaged in the investment activities in accordance with Islamic shariah principles. The stock is listed on the Kuwait Stock Exchange. Price chart formed a 6 month-long rectangle with the horizontal boundary acting as strong resistance at 57.30 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 59.00 levels will confirm the breakout from the 6 month-long rectangle with the possible chart pattern price target of 67.10 levels. (Learn more: Video Tutorial)

KAREL ELEKTRONIK SANAYI VE TICARET AS (KAREL.IS)

Karel Elektronik Sanayi ve Ticaret AS is a Turkey-based telecommunication equipment manufacturer and supplier. The Company’s core business is the design, development, production and marketing of all kinds of telephone systems, including public switches and private branch exchange (PBX) systems with telephone sets, electronic circuit boards and other accessories. The stock is listed on the Istanbul Stock Exchange. Price chart formed an 8 month-long ascending triangle with the horizontal boundary acting as strong resistance at 18.05 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 18.60 levels will confirm the breakout from the 8 month-long ascending triangle with the possible chart pattern price target of 25.00 levels. (Learn more: Video Tutorial)

FRIGO-PAK GIDA MADDELERI SANAYI VE TICARET AS (FRIGO.IS)

Frigo-Pak Gida Maddeleri Sanayi ve Ticaret AS is a Turkey-based company engaged in the production, processing and packaging of canned and frozen fruits and vegetables, carbonated drinks and fruit juices. The stock is listed on the Istanbul Stock Exchange. Price chart formed a 17 month-long ascending triangle with the horizontal boundary acting as strong resistance at 10.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 10.30 levels will confirm the breakout from the 17 month-long ascending triangle with the possible chart pattern price target of 15.00 levels. (Learn more: Video Tutorial)

ASIA

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