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 a rectangle continuation chart pattern opportunity, listed on the Sao Paulo Stock Exchange.
CENTRAIS ELETRICAS BRASILEIRAS SA (ELET3.SA [1])
Centrais Eletricas Brasileiras S.A. (Eletrobras) is a power generation company. The Company operates in the generation, transmission, distribution and trading segments. The stock is listed on the Sao Paulo Stock Exchange. Price chart formed a 4 month-long rectangle with the horizontal boundary acting as resistance at 37.15 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 38.25 levels will confirm the breakout from the 4 month-long rectangle with the possible chart pattern price target of 44.50 levels. Breakout can push the stock to all-time highs. Data as of 10/07/2019, EST 12:20 PM
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