CEZ AS (CEZP.PR)

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 CEZ Group, listed on the Prague Stock Exchange. Blog post is followed by a short educational video on Symmetrical Triangle that acts as a bullish continuation chart pattern.

CEZ as is a Czech Republic-based company engaged in the production and distribution of electricity. The Company’s core businesses are generation and distribution of electricity, electricity trading, generation and distribution of heat, gas trading, and relate activities. The stock is listed on the Prague Stock Exchange. Price chart formed a 7 month-long symmetrical triangle with the upper boundary acting as resistance at 571 levels. The upper boundary was tested several times over the course of the chart pattern. A daily close above 588 levels will confirm the breakout from the 7 month-long symmetrical triangle with the possible chart pattern price target of 650 levels.

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