SWEDEN OMX 30 INDEX (OMXS30)

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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, select commodities, cryptocurrencies and global equity indices. Below chart, OMX 30 INDEX is from the review section of the weekly report. It is featuring a head and shoulder continuation chart pattern breaking out on daily scale price chart.

Sweden OMX 30 Index has a clean chart pattern with a well-defined horizontal boundary. The pattern can be identified as a possible H&S continuation with the neckline acting as resistance at 2,290 levels. Breakout can resume uptrend towards the chart pattern price objective at 2,496 levels. 2,290 levels will act as short-term support. If this is a successful breakout so far, we need to see price accelerating on the upside in the following week.

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