RECTANGLE BULLISH CONTINUATION

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 chart pattern that is listed on U.S. Exchange.

MOLINA HEALTHCARE INC (MOH)

Molina Healthcare, Inc. offers Medicaid-related solutions for low-income families and individuals, and assists government agencies in their administration of the Medicaid program. The stock is listed on the New York Stock Exchange. Price chart formed a 17 month-long rectangle with the horizontal boundary acting as strong resistance at 154.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 158.60 levels confirmed the breakout from the 17 month-long rectangle with the possible chart pattern price target of 203.00 levels. Please note that this is a weekly scale price chart and the last weekly candle includes two days of trading. (Data as of Apr 14, 2020)

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