HIGH CONVICTION SETUPS
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, select commodities, cryptocurrencies 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 Country Garden Services Holdings Company Limited listed on the Hong Kong Stock Exchange.
A high conviction setup for me needs to tick the boxes below. I look for few qualities with the perfect setups. These are:
A well defined chart pattern with horizontal boundaries
Preferably a rectangle chart pattern in duration 2 months – 24 months
A bullish setup (or breakout) taking place above the long-term (200 day) average
Preferably a breakout to all-time highs (path of least resistance)
The chart below is a candidate for a high conviction setup.
COUNTRY GARDEN SERVICES HOLDINGS CO LTD (6098.HK)
Country Garden Services Holdings Company Limited is a China-based provider of residential property management services. The Company mainly provides property management services, community value-added services and non-owner value-added services. The stock is listed on the Hong Kong Stock Exchange. Price chart formed a 3 month-long rectangle with the horizontal boundary acting as strong resistance at 83.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 85.50 levels will confirm the breakout from the 3 month-long rectangle with the possible chart pattern price target of 93.80 levels.
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