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 year-long Head and Shoulder top on Fiat Chrysler Automobiles N.V. listed on the Milan Stock Exchange.
FIAT CHRYSLER AUTOMOBILES NV (FCHA.MI [1])
Fiat Chrysler Automobiles N.V. is engaged in designing, engineering, manufacturing, distributing and selling vehicles. The stock is listed on the Milan Stock Exchange. Price chart formed a year-long head and shoulder top with the horizontal boundary (neckline) acting as strong support at 13.8 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close below 13.4 levels will confirm the breakdown from the year-long head and shoulder top with the possible chart pattern price target of 9.75 levels.
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