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 KINDEN CORP., listed on the Nikkei Stock Exchange.
KINDEN CORP (1944.T [1])
KINDEN CORPORATION is a Japan-based construction company. The stock is listed on the Tokyo Stock Exchange. Price chart formed a 19 month-long rectangle with the lower boundary acting as strong support at 1,670 levels and the upper boundary as resistance at 1,940 levels. KINDEN CORPORATION is trading between well-defined chart pattern boundaries. Multi-month long rectangle chart pattern with well-defined horizontal boundaries is offering good trading opportunity. A daily close below 1,620 levels can confirm the rectangle chart pattern as a top reversal with the possible chart pattern price target of 1,435 levels. Breakdown after several tests of chart pattern boundary can be followed by a strong directional move. Data as of 28/05/2019
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