EUROSTOXX 50 INDEX (.STOX50E)

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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, EuroStoxx 50 Index is from the review section of the weekly report. It is featuring a breakout taking place from a rectangle chart pattern.

EUROSTOXX 50 INDEX (.STOX50E)

European equities have been on my radar for some time. Both the European Banking Index and Stoxx 50 had bullish setups. EuroStoxx 50 index is breaking out of its 3 month-long rectangle. Breakout above 4,400 levels is bullish for European equities with the price target of 4,600 levels. Previous resistance between 4,375-4,400 area becomes the new support.

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