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 a bearish continuation chart pattern on the HANG SENG CHINA ENTERPRISES INDEX ETF listed on the Hong Kong Stock Exchange.
HANG SENG CHINA ENTERPRISES INDEX ETF (2828.HK [1])
HANG SENG CHINA ENTERPRISES INDEX ETF is an index-tracking fund that seeks to provide investment returns for investors that match the performance of the Hang Seng China Enterprises Index as closely as practicable. Price chart formed a 4 month-long symmetrical triangle above the long-term average. Both the long-term average and the lower boundary of the 4 month-long symmetrical triangle are forming support at 119.5 levels. A daily close below 117.10 levels will confirm symmetrical triangle as a bearish continuation chart pattern with the possible price target of 108.5 levels.
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