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 breakout alerts section a rectangle chart pattern that completed on the Nikkei Stock Exchange.
MONOTARO CO LTD (3064.T)
MonotaRO Co.,Ltd. is a Japan-based company principally engaged in the sale of factory indirect materials. The Company sells factory indirect materials to customers, mainly small and medium-sized manufacturing companies in Japan and overseas, by mail order using e-commerce (distribution based on the Internet). The stock is listed on the Tokyo Stock Exchange. Price chart formed an 18 month-long rectangle with the horizontal boundary acting as strong resistance at 3,335.0 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 3,435.0 levels confirmed the breakout from the 18 month-long rectangle with the possible chart pattern price target of 4,475.0 levels.
Depending on each trader/investor risk profile a stop-loss can be placed below the chart pattern boundary at 3,335 levels. There are different types of breakouts. I discussed 4 types of breakouts in a twitter thread. I also attached it below for your reference.
4 TYPES OF BREAKOUTS
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