DESCENDING TRIANGLE – CAPITAL & COUNTIES
Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features a 2 year-long bearish descending triangle chart pattern on CAPITAL & COUNTIES listed on the Johannesburg Stock Exchange.
CAPITAL & COUNTIES PROPERTIES PLC (CCOJ.J)
Capital & Counties Properties PLC is a United Kingdom-based property company. The Company’s principal activity is the development and management of property. The Company’s segments include Covent Garden, Earls Court Properties and Other. The stock is dual listed on London Stock Exchange and Johannesburg Stock Exchange. The chart below features the Johannesburg Stock Exchange listing. Due to exchange rate effect, price chart on the South African market has a better defined chart pattern boundary. I like to see breakdowns through well-defined horizontal boundaries. Price chart formed a 2 year-long descending triangle with the horizontal boundary acting as strong support at 4,350 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close below 4,220 levels will confirm the breakdown from the 2 year-long descending triangle with the possible chart pattern price target of 3,335 levels.
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