GLOBAL EQUITY MARKETS – September 21, 2024

REVIEW

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) cleared the horizontal resistance at 116.7 levels and possibly completed a 2 month-long cup & handle continuation with a price target of 128 levels. Strong support area for ACWI ETF is between 110.45 and 108.83. Short-term support is the horizontal pattern boundary at 116.7 levels.

 

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GLOBAL EQUITY MARKETS – SEPTEMBER 21, 2024 – PART I

GLOBAL EQUITY MARKETS – SEPTEMBER 21, 2024 – PART II

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TECH CHARTS WATCHLIST – SUMMARY OF RICS & PATTERNS IN FOCUS

STOCKS REMOVED FROM WATCHLIST

• MILLERKNOLL INC.

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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 41.66 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 41.74 levels. During the recent sell-off and sharp pullback, the ETF violated the lower boundary with a wide margin but quickly recovered both above its 200-day average and the trend channel lower boundary. Given the weak performance from China equities, the uptrend is intact with price trading above its year-long average. It will be important for the ETF to stabilize above the channel boundary and the 200-day average at 41.74 levels. Failure to remain above the long-term average can result in a larger scale correction below 40.8 levels. For now we can conclude that the uptrend is intact and a pick up in momentum can target 46.6 levels 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 27.41 levels can result in extension of the sideways consolidation and possibly weakness towards the lower boundary of the ascending triangle at 25.5 levels.

Nasdaq 100 is in a steady uptrend above its 200-day average. Short-term pullbacks and consolidations are expected along the way. 18.19K-17.4K area is acting as long-term support. I will monitor the index to see if the reversion to the mean completed and if the index will stabilize above the year-long average. Failure to hold above the lower boundary of trend channel and the 200-day average can result in a re-test of the 16,600-16,800 levels. A drop in volatility can be seen from shorter swing sizes which should be analyzed as positive after a sharp correction. Uptrend is intact inside an upward channel and above the 200-day average. Short-term resistance stands at 19.9K. Pick up in momentum can resume the uptrend towards the upper boundary of channel around 22K.

S&P 500 Index reversed from the previous peak around 5,720 levels. Uptrend is intact with price holding above its year-long average. Failure to stabilize above the 200-day average can result in a continuation of the correction towards the horizontal support at 4,800 levels. Both Nasdaq 100 and S&P 500 have the same technical outlook in the short-term, though S&P 500 is closer to reaching new all-time highs. I’m monitoring both charts to see if the drop in volatility will continue and eventually these indices will emerge from their tight consolidations in an attempt to resume their existing uptrends. Resistance for the S&P 500 stands at 5,720 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 reached the H&S continuation price target at 2,290 levels. Latest volatility in Global equities resulted in a sharp pullback towards the strong support area between 2,000 and 2,046 levels. Uptrend can develop in the trend channel and eventually target rectangle price objective at 2,360 levels. Monitoring the small caps for a drop in volatility above support levels.

I’ve adjusted the boundaries of the trend channel on Euro Stoxx 50 index. Quick recovery above the year-long average is likely to keep the uptrend intact. This week’s price action was an attempt to remain above the year-long average. I will monitor the benchmark to see if it will be able to clear the trend line resistance around 5,000 levels. Pullbacks are likely to find support between 4,580-4,780 area.

European Banking Index had a sharp re-test of its 200-day average. The long-term upward trend line from July 2022 lows was overlapping with the the 200-day average around the same level at 132.70. A wide trading range might be forming between 134.6 and 147 levels. Breakdown below the lower boundary of the channel and the 200-day average can result in a larger-scale correction towards 117 levels. I will monitor the index to see if it will be able to clear the trend channel resistance at 147 levels. This week’s strength tested the upper boundary as resistance.

Germany’s XETRA Dax Index is still holding above its 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 tested the 200-day average at 17,840 levels. Breach of the 200-day average resulted in a quick test of the trendline at 16,900 levels. Sharp rebound took the index to previous high at 18,900 levels which is now acting as resistance. Breakout above 18,900 can resume the uptrend.

France CAC 40 Index’s breakdown of the channel resulted in a deeper correction. CAC 40 recovered above 7,360 levels but unlike other European equity benchmarks it is still below its 200-day average and has more technical resistances ahead. 7,606-7,900 area acted as resistance. It will be important for the index to stabilize above the horizontal support at 7,360 levels. Failure to do so can send the index to the next support at 6,810 levels. Breakout above the 200-day average can complete a short-term H&S bottom reversal.

Japan’s NIKKEI 225 index broke down major support levels with a sharp sell-off. 34K acted as support in the short-term. While the index shot above the 200-day average several times in the last few week, it can be early to conclude that it recovered and stabilized above its long-term average. I will monitor the index to see if it will be able to form a short consolidation around its year-long average. Volatility needs to drop with tighter consolidation ranges for a better visibility and possible trade entry signals. Failure to recover and stabilize above the 200-day average can result in a re-test of previous low around 30K. Short-term resistance stands at 39.3K. Breakout above the horizontal resistance can push the index towards 42K.

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. I’ve adjusted the boundaries of the channel and the last one year’s uptrend. Price breached the upper boundary of the trend channel and can accelerate on the upside towards the H&S continuation price target. 8,000 levels becomes the short-term support.

China SSE 50 Index has been in a steady downtrend over the past several years. After several back and forth around the year-long average, 6 month long H&S top completed on weekly scale. Price action looks more like a sharp sell-off towards the price target and the low around 2,165 levels.

The daily scale price chart shows the completed H&S top with the breach of the neckline at 2,360 levels. Price target for the H&S top stands at 2,180 levels and price came very close to the target. Strong short-term resistance remains between 2,360 and 2,398 levels. I will monitor the index to see if it fill find support between 2,165-2,180 area.

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 9,536 levels. Uptrend is intact.

The uptrend remains intact with long-term average acting as support at 9,536 levels. Last few week’s price action breached the lower boundary of the uptrend channel. Index tested the 200-day (40 week) average at 9,536 levels. It is important to note that the benchmark has been trading above its year-long average since 2021 and the long-term average can be utilized as a decision making level for the following “trend period”. Breakdown below the 200-day average can push price lower towards the next support level at 8,560 levels. Rebound from current support will resume the uptrend. This week’s price action shows that buyers have recognized the technical level as support. However, follow through is required with a strong white weekly candle in the following weeks.

Following the breakdown of the 6 month-long uptrend channel the index pulled back to its 200-day average. The gap around 10,200 levels is still not filled. I start monitoring the index for a possible rebound or a breakdown of the long-term average and eventually a change of trend. We are at an inflection point. I’m monitoring this chart for more evidence of a bottom reversal. A short consolidation right below 10,190 levels can be analyzed as a positive development. A higher low above the 200-day average can set the stage for a short-term bottom reversal with the neckline at 10,190 levels.

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 monthly close in August was off the lows and not decisive to call this a failed breakout from the ascending triangle. A quick recovery above 39 levels in September will keep the bullish outlook intact.

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 which is met over the past two months and the second one is at 43 levels. During recent pullback 34.5 levels acted as support. So far price action looks like a breakout, pullback followed by continuation of the existing uptrend.

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 388.87 levels. Uptrend is resuming with the breakout above the upper boundary of the short-term channel. We will get more clarity next week if we see a follow through with a long white candle that resumes the uptrend above 416.5 levels.

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. The upper boundary of the channel becomes the new short-term support for both indices. For Nifty 50 the short term support stands at 23.9K and for Sensex it is at 78K.

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. July’s strength met the initial price target for the rectangle. This is considered to be a Type 1 breakout on monthly scale. Type 1 breakouts rally to price objective without any pullback. They usually extend beyond price objective so I’m weighing the possibility of this trend to extend to much higher levels.

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 2,313 levels. Previous resistance at 2,440 levels becomes the new short-term support. Breakout above 2,440 levels resumed the uptrend towards the rectangle price target at 2,605 levels. Uptrend remains in an upward sloping channel.

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 27.60 levels. Price target for the H&S bottom stands at 34.6 levels. Recent sharp correction targeted the year-long average as part of a reversion to the mean and might be forming a symmetrical triangle. Uptrend is intact. Failure to hold above the year-long average can result in a larger scale correction and put the bullish interpretation in question. Breakout above 31 levels can complete the symmetrical triangle and first target 32.5 levels as the short-term resistance. I will monitor the chart for another week of strength, possibly a long white weekly candle as a confirmation for breakout.

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. Price remains between the downward sloping trend line resistance at 31 and the 200-day average at 27.34 levels. Similar to the weekly chart, I’m monitoring the daily scale for more evidence of strength and breakout confirmation.

Copper found support at 4 levels and recovered above the year-long average at 4.20 levels. Failure to remain above 4 levels can send price lower towards the next support at 3.54 levels. This week’s price action completed a possible double bottom that can start a new uptrend above the year-long average. 4.20 becomes the new short-term support. Wide trading range is between 4 and 4.85 levels.

SPDR Materials Select Sector ETF (XLB) completed a year-long rectangle. Breakout signal in August was possibly a premature breakout and the ETF is trying to re-complete the tight consolidation by challenging the upper boundary at 94.10 levels. Previous resistance at 85.8 is the new long-term support. Completion of the latest consolidation (green channel) can launch a larger scale uptrend that can exceed the rectangle price target at 96.9 levels. Monitoring the chart for a long weekly candle as breakout confirmation.

Sugar ETF CANE completed a 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. This week’s sharp reversal above the neckline puts the H&S top interpretation in question. Pattern negation level stands at 14.15 levels.

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 is intact without any short-term bottom reversal chart patterns in sight.

Crude Oil is looking for direction in a wide trading range between 64 and 94. Possible long-term symmetrical triangle might be completing with the breakdown below support at 73.1 levels. Breakdown below the lower boundary of the symmetrical triangle can extend the correction towards 54 levels. Previous support at 73.1 levels becomes the new resistance. Following the breakdown, this week’s price action is possibly a pullback to the symmetrical triangle’s lower boundary. A recovery back inside the symmetrical triangle can push price towards the 200-day average at 77.46 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 levels in the following weeks. Last few week’s breakout candle increases the confidence on the interpretation of the bullish reversal. Neckline at 133 levels will act as the short-term support.

Last few week’s breakout above neckline of a possible H&S bottom puts the bullish interpretation on my radar. Strength not only cleared the neckline but also the 200-day average at 133.04 levels. Previous resistance at 133 levels becomes the new support. Last 2 week’s price action might be completing the pullback to the broken neckline. A rally towards 138.7 levels will add more conviction to the bullish outlook and the possibility of a larger scale H&S bottom reversal.

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 was a preparation for a breakout higher. Breakout in August confirmed the rectangle as bottom reversal with the price target of 102.9 levels. Previous resistance at 99.6 levels becomes the new support. Price is accelerating higher turning into a strong uptrend.

The U.S. 10 year T-Notes recovered and stabilized 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 were breached on the upside. Breach of the trendline also cleared the possible neckline of the H&S bottom. We have seen acceleration of price away from the trend line with long weekly candle and the last few weeks look more like a pennant that is acting as bullish continuation. Next strong resistance is at 117.5 levels.

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 below 3.9 levels increased the likelihood of a top reversal in yields. I’m monitoring the price chart for another long black weekly candle that closes below 3.9 levels to confirm the breakdown of the double top neckline. This would accelerate the downtrend.

The USD Index tried 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. Only after a breakdown below 101 levels I will start thinking of the bearish possibilities for the USD Index. Breakdown below 101 levels can push the USD Index towards the lower boundary of its trend channel around 96 levels. Without a sharp rebound from support, USD will remain at risk of a larger scale correction. Given that this is a monthly scale chart, I will wait for a monthly candle that confirms the breakdown.

USDJPY completed multi-year long bottom reversal with a breakout above 124 levels. Long-term price action can be analyzed as a steady uptrend with higher highs and higher lows. Breakout above 152 levels could not sustain the uptrend and with August’s sharp reversal below 152 levels. The pair is due for more volatility.

The daily scale price chart shows the important technical levels. Price action from January 2023 showed an uptrend with higher highs and higher lows. July’s correction breached the trend line support. Both the 200-day average and the horizontal boundary at 152 was broken down with August’s correction. Previous support area between 149 and 149.9 levels becomes the new resistance. Jan 24 low at 140 acted as support. Only after a recovery above the year-long average we can start thinking of the bullish possibilities. A quick reversal above 141.5 levels is resulting in a short-term bear trap and pushing price towards the 200-day average.

A text-book H&S continuation completed on GBPUSD with the latest breakout above the horizontal neckline at 1.283 levels. H&S continuation price target is met at 1.333 levels. Uptrend can resume as the price action is forming higher highs and higher lows.

There are 5 new breakout signals.

TECH CHARTS ALERT

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HAVELLS INDIA LTD (HVEL.NS)

Havells India Limited is an India-based fast moving electrical goods (FMEG) company. The Company is also engaged in the manufacturing of power distribution equipment. 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 1,970.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 2,030.00 levels confirmed the breakout from the 3 month-long rectangle with the possible chart pattern price target of 2,230.00 levels. (Learn more: Video Tutorial)

VA TECH WABAG LTD (VATE.NS)

VA Tech Wabag Limited is an India-based company, which is engaged in the water treatment field. The Company’s principal activities include design, supply, installation, construction and operational management of drinking water, wastewater treatment, industrial water treatment and desalination plants. The stock is listed on the National Stock Exchange. Price chart formed a 2 month-long ascending triangle with the horizontal boundary acting as strong resistance at 1,410.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 1,452.00 levels confirmed the breakout from the 2 month-long ascending triangle with the possible chart pattern price target of 1,635.00 levels. (Learn more: Video Tutorial)

HA SUSTAINABLE INFRASTRUCTURE CAPITAL INC (HASI.N)

HA Sustainable Infrastructure Capital, Inc., formerly Hannon Armstrong Sustainable Infrastructure Capital, Inc., is a climate positive investment firm that partners with clients to deploy real assets that facilitate the energy transition. The Company invests in a variety of asset classes across its three primary climate solutions markets: Behind the Meter; Grid-Connected; and Fuels, Transport, and Nature. 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 34.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 35.00 levels confirmed the breakout from the 3 month-long ascending triangle with the possible chart pattern price target of 39.50 levels. (Learn more: Video Tutorial)

META PLATFORMS INC (META.O)

Meta Platforms, Inc. builds technology that helps people connect and share, find communities, and grow businesses. The Company’s products enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality (VR) and mixed reality (MR) headsets, and wearables. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 4 month-long ascending triangle with the horizontal boundary acting as strong resistance at 535.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 550.00 levels confirmed the breakout from the 4 month-long ascending triangle with the possible chart pattern price target of 656.00 levels. (Learn more: Video Tutorial)

EASTMAN CHEMICAL CO (EMN)

Eastman Chemical Company is a global specialty materials company that produces a range of products found in items people use every day. Its segments include Advanced Materials (AM), Additives & Functional Products (AFP), Chemical Intermediates (CI), and Fibers. 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 104.30 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 107.40 levels confirmed the breakout from the 5 month-long rectangle with the possible chart pattern price target of 114.50 levels. (Learn more: Video Tutorial)

There are 6 additions to watchlist.

TECH CHARTS WATCHLIST

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AMERICAS

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TECHNOGYM SPA (TGYM.MI) – new addition to watchlist

Technogym SpA is an Italy-based company engaged in the recreational products industry. The Company manufactures fitness equipment. The stock is listed on the Milan Stock Exchange. Price chart formed a 6 month-long rectangle with the horizontal boundary acting as strong resistance at 9.86 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 10.15 levels will confirm the breakout from the 6 month-long rectangle with the possible chart pattern price target of 11.27 levels. (Learn more: Video Tutorial)

MOLTEN VENTURES PLC (GROW.L) – new addition to watchlist

Molten Ventures plc is a United Kingdom-based venture capital firm investing in and developing disruptive, high-growth technology companies. The Company invests across various sectors, such as consumer technology, enterprise technology, hardware and deep tech, and digital health and wellness. The stock is listed on the London Stock Exchange. Price chart formed a 3 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 427.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 440.00 levels will confirm the breakout from the 3 month-long cup & handle continuation with the possible chart pattern price target of 521.00 levels. (Learn more: Video Tutorial)

MEDIOBANCA BANCA DI CREDITO FINANZIARIO SPA (MDBI.MI)

Mediobanca Banca di Credito Finanziario SpA is an Italy-based bank. Together with its subsidiaries, the Company’s activities are divided into three main segments: Corporate and Investment Banking (CIB), Consumer Banking and Wealth Management. The stock is listed on the Milan Stock Exchange. Price chart formed a 4 month-long rectangle with the horizontal boundary acting as strong resistance at 15.30 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 15.70 levels will confirm the breakout from the 4 month-long rectangle with the possible chart pattern price target of 17.30 levels. (Learn more: Video Tutorial)

BANCA GENERALI SPA (BGN.MI)

Banca Generali SpA is an Italy-based banking group. Banca Generali SpA focuses mainly on the personal financial services. The stock is listed on the Milan Stock Exchange. Price chart formed a 4 month-long rectangle with the horizontal boundary acting as strong resistance at 40.90 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 42.10 levels will confirm the breakout from the 4 month-long rectangle with the possible chart pattern price target of 45.30 levels. (Learn more: Video Tutorial)

FUTURE PLC (FUTR.L)

Future plc is a United Kingdom-based company engaged in providing a global platform for specialist media. The Company operates a platform for creating and distributing specialist content to build engaged and global communities. The stock is listed on the London Stock Exchange. Price chart formed a 3 month-long ascending triangle with the horizontal boundary acting as strong resistance at 1,154.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 1,188.00 levels will confirm the breakout from the 3 month-long ascending triangle with the possible chart pattern price target of 1,350.00 levels. (Learn more: Video Tutorial)

HIKMA PHARMACEUTICALS PLC (HIK.L)

Hikma Pharmaceuticals PLC is a pharmaceutical company. The principal activities of the Company are the development, manufacture and marketing of a range of generic, branded and in-licensed pharmaceutical products. The stock is listed on the London Stock Exchange. Price chart formed a 12 month-long symmetrical triangle with the upper boundary acting as strong resistance at 2,120.00 levels. Both boundaries were tested several times over the course of the chart pattern. A daily close above 2,183.00 levels will confirm the breakout from the 12 month-long symmetrical triangle with the possible chart pattern price target of 2,620.00 levels. (Learn more: Video Tutorial)

FORTUM OYJ (FORTUM.HE)

Fortum Oyj is a Finland-based energy company. The Company provides its customers with electricity, gas, heating and cooling services. The stock is listed on the Helsinki Stock Exchange. Price chart formed a 3 month-long rectangle with the horizontal boundary acting as strong resistance at 14.70 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 14.90 levels will confirm the breakout from the 3 month-long rectangle with the possible chart pattern price target of 15.80 levels. (Learn more: Video Tutorial)

MIDDLE EAST & AFRICA

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QNB FINANS SILVER PART ETF (GMSTRf.IS)

QNB FINANS SILVER ETF is a participation fund for Silver. The ETF is listed on the Istanbul Stock Exchange. Price chart formed a 3 month-long head and shoulder continuation with the horizontal boundary acting as strong resistance at 210.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 216.00 levels will confirm the breakout from the 3 month-long head and shoulder continuation with the possible chart pattern price target of 236.00 levels. (Learn more: Video Tutorial)

MIZRAHI TEFAHOT BANK LTD (MZTF.TA)

Mizrahi Tefahot Bank Ltd is an Israel-based company. The company’s activity is divided into segments such as: Household segment includes individuals other than those clients included in the private banking segment. The stock is listed on the Tel Aviv Stock Exchange. Price chart formed a 24 month-long ascending triangle with the horizontal boundary acting as strong resistance at 14,300.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 14,700.00 levels will confirm the breakout from the 24 month-long ascending triangle with the possible chart pattern price target of 18,100.00 levels. (Learn more: Video Tutorial)

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)

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. A daily close below 46 levels will confirm the rectangle as a top reversal with the price target of 39.4 levels. Breakdown can breach the 200-day average and suggest a trend reversal. (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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