RECTANGLE – UNIVAR SOLUTIONS INC (UNVR.K)

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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 Univar Solutions Inc. listed on the New York Stock Exchange.

UNIVAR SOLUTIONS INC (UNVR.K)

Univar Solutions Inc., formerly Univar Inc., is a global chemical and ingredient distributor and provider of value-added services. The Company operates through four segments: Univar USA, Univar Canada, Univar Europe and the Middle East and Africa and Latin America. The stock is listed on the New York Stock Exchange. Price chart formed a 6 month-long rectangle with the horizontal boundary acting as strong resistance at 19.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 19.60 levels will confirm the breakout from the 6 month-long rectangle with the possible chart pattern price target of 22.3 levels. With tight and lengthy consolidations like these price can reach 2x the price objective. I added the 2x price target which is standing at 25.7 levels. (Data as of 07/12/2020)

 

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