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 breakouts section an ascending triangle continuation chart pattern opportunity, listed on the New York Stock Exchange.
MURPHY USA INC (MUSA.K [1])
Murphy USA Inc. is engaged in the marketing of retail motor fuel products and merchandise through a chain of retail stores. The stock is listed on the New York Stock Exchange. Price chart formed a 19 month-long ascending triangle with the horizontal boundary acting as strong resistance at 88.25 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 91 levels confirmed the breakout from the 19 month-long ascending triangle with the possible chart pattern price target of 113 levels.
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