ISHARES DOW JONES US AEROSPACE & DEFENSE INDEX FUND (ITA)

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 ISHARES DOW JONES US AEROSPACE & DEFENSE INDEX FUND (ITA) listed on the New York Stock Exchange.

ISHARES DOW JONES US AEROSPACE AND DEFENSE INDEX FUND (ITA)

iShares U.S. Aerospace & Defense ETF, formerly iShares Dow Jones U.S. Aerospace & Defense Index Fund (the Fund), is an exchange-traded fund. The Fund seeks investment results that correspond generally to the price and yield performance of the Dow Jones U.S. Select Aerospace & Defense Index (the Index). The Index measures the performance of the aerospace and defense sector of the United States equity market. Aerospace companies include manufacturers, assemblers and distributors of aircraft and aircraft parts. Defense companies include producers of components and equipment for the defense industry, such as military aircraft, radar equipment and weapons. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Its investment advisor is BlackRock Fund Advisors. The ETF is listed on the New York Stock Exchange. Price chart formed a 5 month-long rectangle with the horizontal boundary acting as strong resistance at 206 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 210 levels will confirm the breakout from the 5 month-long rectangle with the possible chart pattern price target of 227 levels. Breakout can push the ETF to all-time highs.

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