ACERINOX SA – SYMMETRICAL TRIANGLE
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 symmetrical triangle chart pattern on Acerinox SA listed on the Madrid Stock Exchange.
ACERINOX SA (ACX.MC)
Acerinox SA is a Spain-based company active in the steel sector. It is engaged in the manufacturing, alloy and distribution of flat and long stainless steel products. The Company’s activities are divided into three business segments: Flat stainless steel products, which offers slabs, flats, coils, plates, sheets, circles and flat bars; Long stainless steel products, which provides bars, angles, wires and wire rod, and Other, which includes other stainless steel products. The Company owns factories, warehouses, service centers and representative office in Europe, the Americas, Asia, Oceania and Africa. The stock is listed on the Madrid Stock Exchange. Price chart formed a 15 month-long symmetrical triangle with the upper boundary acting as strong resistance at 11.75 levels. The upper boundary was tested several times over the course of the chart pattern. A daily close above 12.10 levels will confirm the breakout from the 15 month-long symmetrical triangle with the possible chart pattern price target of 14.6 levels.
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