ROYAL DUTCH SHELL
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 and emerging markets, ETF’s and global equity indices. The main focus of the weekly report is to bring member’s attention some of the best examples of classical charting. Chart patterns that are likely to resolve in a directional move. This blog post highlights one of several great chart setups from the latest Global Equity Markets report.
ROYAL DUTCH SHELL PLC (RDSa)
The Royal Dutch Shell plc explores for crude oil and natural gas around the world, both in conventional fields and from sources, such as tight rock, shale and coal formations. The stock is listed in European exchanges as well as the New York Stock Exchange. The chart below shows the New York Stock Exchange listing. Price chart formed a year-long ascending triangle with the strong horizontal resistance standing at 56.5 levels. The stock once again reversed from the lower boundary of its chart pattern. A daily close above 58 levels will confirm the breakout from the year-long ascending triangle with a possible price target of 67 levels.
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