MARSH & MCLENNAN COMPANIES INC – RECTANGLE
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 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 rectangle chart pattern on Marsh & McLennan Companies, Inc. listed on the New York Stock Exchange.
MARSH & MCLENNAN COMPANIES INC (MMC)
Marsh & McLennan Companies, Inc. is a professional services firm offering clients advice and solutions in risk, strategy and people. The Company is the parent company of various risk advisors and specialty consultants, including Marsh, the insurance broker; Guy Carpenter, the risk and reinsurance specialist; Mercer, the provider of human resource and investment related financial advice and services, and Oliver Wyman Group, the management and economic consultancy. The stock is listed on the New York Stock Exchange. Price chart formed an 8 month-long rectangle with the horizontal boundary acting as strong resistance at 86.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 87.70 levels will confirm the breakout from the 8 month-long rectangle with the possible chart pattern price target of 94.00 levels. Breakout to all-time high is bullish and usually offers great long-term opportunity. Marsh & McLennan Companies, Inc. can push to all-time highs.
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