There are three types of triangles covered under the classical charting principles. The symmetrical triangle, ascending triangle and descending triangle. Between those three I favor ascending and descending triangles for couple of reasons. One of them is, both ascending and descending triangles have horizontal boundaries. Breakouts through the horizontal boundaries are the chart pattern signal. […]
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 […]
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average which is acting as resistance at 91.7 levels. This week's price action took out the low at 81.4 levels with a gap opening. If the range between 81.4 and 92.7 levels act as bearish rectangle, price target for the downtrend will stand at 72 levels. 81.4 level becomes the new resistance. Recovery above 81.4 levels can result in a failed breakdown.
Dear Tech Charts Members,
We are continuing our Member webinar series with chart pattern reliability and how the latest market conditions have impacted success rates on different chart patterns. We plan to have an interactive session and an open discussion to answer members' questions on different markets and specific charts of interest. Please send your charts and questions to aksel@techcharts.net, and I will add them to the webinar discussion points.
Scheduled for: Thursday, September 22, 8:30 am mountain (register below)
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average which is acting as resistance at 92.3 levels. I've been discussing the possibility of a higher low and a H&S bottom reversal. With right shoulder becoming more and more extended towards the low at 81.4 levels, the probability of a H&S bottom has reduced. We have a wide trading range between 81.4 and 92.3 levels. Chart pattern is possibly morphing. Short-term support is at 81.4 levels.
I'm seeing better defined setups in altcoins than BTC and ETH in the cryptocurrencies. Those altcoins can offer breakouts/breakdowns that can offer trend periods in the coming weeks. In this report we review those setups and the levels for breakouts.
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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average which is acting as resistance at 92.5 levels. I've been discussing the possibility of a higher low and a H&S bottom reversal. For that pattern to become better defined, the right shoulder low must be already in and price needs to rally towards the neckline around 92.7 levels. Failure to do so in the following days can resume the downtrend below the long-term average. We have a wide trading range between 81.4 and 92.5 levels.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average. Breakout above 87 levels completed a short-term double bottom and the ETF reached the price target of 92.7 levels. The 200-day average acted as resistance at 93.1 levels. The ETF failed to hold above the neckline at 87 levels. There is still the possibility of a H&S bottom reversal, though not with the symmetry between shoulders. Given the weakness below 87 levels, I view the H&S bottom as a lower probability. Price can test the previous low around 81.4 levels. Downtrend is intact below the 200-day average.
Several pairs remain range-bound while BTCUSD continues to trend lower after the breakdown of the possible bear flag. In this update we review some of the well-defined horizontal consolidations.
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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average. Breakout above 87 levels completed a short-term double bottom with the price target of 92.7 levels. The 200-day average acted as resistance at 93.1 levels. A text-book H&S bottom reversal can develop if the index completes its pull back around 87 levels to form the possible right shoulder. Such price action will form symmetry between left and right shoulders in both time and price scale. I'm now monitoring how the ETF will perform around 87 levels; the neckline of the previous double bottom.
