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 bearish continuation symmetrical triangle chart pattern opportunity, listed on the Paris Stock Exchange.
UBISOFT ENTERTAINMENT SA (UBIP.PA)
Ubisoft Entertainment SA is a France-based company that is engaged in the development, publishing and distribution of video games. The stock is listed on the Paris Stock Exchange. Price chart formed a 7 month-long symmetrical triangle with the lower boundary acting as strong support at 67 levels. The lower boundary was tested several times over the course of the chart pattern. The daily close below 65 levels confirmed the breakdown from the 7 month-long symmetrical triangle with the possible chart pattern price target of 50 levels. The long-term price chart below shows the critical support level the stock is breaching. The breakdown from the symmetrical triangle breached the long-term uptrend line. (Learn more: Video Tutorial [1]) (Data as of Oct 1, 2019) Important note: The weekly scale price chart shows the first 2 days of trading (Monday & Tuesday) on the last candlestick)
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