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 from the watchlist section ERICSSON, listed on the Stockholm Stock Exchange.
TELEFONAKTIEBOLAGET LM ERICSSON (ERICb.ST [1])
Telefonaktiebolaget LM Ericsson (Ericsson) provides infrastructure, services and software to the telecommunication industry and other sectors. The stock is listed on the Sweden Stock Exchange. Price chart formed a 3 month-long symmetrical triangle with the upper boundary acting as resistance at 82 levels. The upper boundary was tested several times over the course of the chart pattern. A daily close above 84 levels will confirm the breakout from the 3 month-long symmetrical triangle with the possible chart pattern price target of 94 levels. It is important to note that the stock has been in a steady uptrend above its long-term average. In such conditions, I weigh the possibility of a continuation chart pattern rather than a reversal.
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