RECTANGLE – BULLISH CONTINUATION
Rectangle is one of my favorite classical chart pattern. It is relatively easy to identify on weekly scale price charts due to its well-defined horizontal boundaries. After an initial advance, Rectangle chart pattern marks a breath taking period, in other words, consolidation of previous gains and suggests a possible continuation of the previous trend. 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 report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features two equities that formed rectangle chart patterns that can act as bullish continuation. Both charts were discussed in the latest weekly Global Equity Markets report.
RENASANT CORP (RNST.O)
Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc. (Renasant Insurance). The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 15 month-long rectangle with the strong horizontal boundary acting as resistance at 44.8 levels. A daily close above 46.15 levels will confirm the breakout from the multi month-long consolidation. Breakout can push the stock to all time high levels. Possible rectangle chart pattern price target stands at 51.5 levels. Stocks that complete bullish continuation chart patterns and reach new all-time highs usually offer long-term opportunity.
FAGRON NV (FAGRO.BR)
Fagron NV, formerly Arseus NV, is a Belgium-based company that is active in the healthcare sector. The stock is listed on the Brussels Stock Exchange. Price chart formed a 9 month-long rectangle with the upper boundary acting as resistance at 13.3 levels. The upper boundary was tested several times over the course of the chart pattern. A daily close above 13.7 levels will confirm the breakout from the 9 month-long rectangle with the possible chart pattern price target of 16.5 levels.
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