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 Marathon Gold Corp (Marathon) listed on the Toronto Stock Exchange.
With breakouts I like to confirm couple of things on price charts. When those conditions are met, I have higher conviction on the trade setup. Those are:
- A well-defined chart pattern with horizontal boundaries
- Several tests of chart pattern boundary before a breakout takes place
- If the chart pattern is a bullish setup, possibility of breakout taking place above the 200-day average (trend filter)
- Possibility of a breakout to all-time highs (path of least resistance)
Below chart is meeting all the above criteria and as a result it is a high conviction trade setup for me.
MARATHON GOLD CORP (MOZ.TO)
Marathon Gold Corp (Marathon) is a Canada-based company engaged in the acquisition, exploration and development of natural resource properties located in North America. The stock is listed on the Toronto Stock Exchange. Price chart formed a 3 month-long rectangle with the horizontal boundary acting as strong resistance at 2.60 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 2.67 levels will confirm the breakout from the 3 month-long rectangle with the possible chart pattern price target of 3.13 levels.
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