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 review section two rectangle consolidations on Germany’s MDAX Index and S&P SPDR 600 Small Cap Growth ETF. Both chart patterns can act as bullish continuations.

Over the past few weeks I featured the tight consolidation that was taking place on Ishares MSCI Belgium ETF (EWK). The breakout took place with a strong weekly candlestick. There are several Global benchmarks that are stuck in a range and looking for direction. In this update I added the Germany’s mid-cap equities benchmark MDAX as well as S&P 600 Small Cap Growth ETF.

Both charts show the past few months well-defined consolidations. MDAX is now closer to the upper boundary of its consolidation. There has been several tests of the chart pattern  boundaries. I monitor 26.3K resistance for a possible breakout from the 6 month-long rectangle chart pattern. (Data as of October 22, 2019, 4:35 pm). It is important to note that price charts are shown on weekly scale and the last candlestick only contains two days of trading data.

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