RECTANGLE – VOLKSWAGEN
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 Volkswagen AG listed on the Frankfurt Stock Exchange.
VOLKSWAGEN AG (VOWG_p.DE) – new addition to watchlist
Volkswagen AG is a Germany-based company that manufactures and sells vehicles. Its brand portfolio includes Volkswagen, Audi, SEAT, SKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN. The stock is listed on the Frankfurt Stock Exchange. Price chart formed a 7 month-long rectangle with the horizontal boundary acting as strong resistance at 155.60 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 160.30 levels will confirm the breakout from the 7 month-long rectangle with the possible chart pattern price target of 185.00 levels. Another short-term rectangle can be identified right below the upper boundary of the 7 month-long rectangle chart pattern. Breakout from both can take place at the same level. Data as of Jan 21, 2021, CET 14:45
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