HEAD & SHOULDER TOP

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 2 head and shoulder top chart patterns from Developed and Emerging market equities.

INTERSECT ENT INC (XENT.O)

Intersect ENT, Inc. is a commercial-stage drug-device company. The Company develops drugs for patients with ear, nose and throat (ENT) conditions. The stock is listed on the Nasdaq Stock Exchange. Price chart formed an 18 month-long H&S top reversal with the horizontal boundary (neckline) acting as strong support at 26.4 levels. The horizontal boundary was tested several times over the course of the chart pattern. The right shoulder of the 18 month-long H&S top can be identified as a 4 month-long rectangle that can act as a launching pattern. A daily close below 25.5 levels will confirm the breakdown from the 18 month-long H&S top reversal with the possible chart pattern price target of 17 levels.

KIATNAKIN BANK PCL (KKP.BK)

Kiatnakin Bank Public Company Limited is a Thailand-based commercial bank. The Bank operates three business segments: commercial banking, capital market business and the debt restructuring segment. The stock is listed on the Thailand Stock Exchange. Price chart formed a 20 month-long head and shoulder top with the horizontal boundary acting as strong support at 66 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close below 64 levels will confirm the breakdown from the 20 month-long head and shoulder top with the possible chart pattern price target of 52 levels.

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