RECTANGLE – GUBRE FABRIKALARI TAS

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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 from the watchlist section Gubre Fabrikalari TAS (Gubretas) listed on the Istanbul Stock Exchange.

GUBRE FABRIKALARI TAS (GUBRF.IS)

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

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