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 the Milan Stock Exchange.
MONCLER SPA (MONC.MI)
Moncler SpA is an Italy-based company engaged in fashion industry. The Company designs, produces and distributes clothing and accessories through Moncler brand. The stock is listed on the Milan Stock Exchange. Over the past 3 months the stock formed a short-term consolidation between 30.8 and 35.6 levels. The short-term consolidation can be identified as rectangle. A daily close above 36.6 levels will confirm the breakout with the possible chart pattern price target of 40.6 levels. Breakout from the rectangle can also clear the 200-day average which is acting as resistance at the same level. I’ve adjusted the upper boundary of the rectangle to 35.6 levels to better reflect the boundaries of the consolidation range. (Data as of June 18, 2020 CET 10:30 AM) (Learn more: Video Tutorial [1])
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