EUROPE ETFs

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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, select commodities, cryptocurrencies and global equity indices. Below charts are from the review section of the weekly report. It is featuring IEV and EFA ETFs listed on the New York Stock Exchange. If you are trading range bound price action between well-defined boundaries, these opportunities might be valuable. I see both charts at inflection points. A rebound from the lower boundaries can put these ETFs back into positive territory. A breakdown will act as bearish reversal.

EUROPEAN EQUITY BENCHMARKS

ISHARE EUROPE ETF (IEV) formed 6 month-long rectangle with the lower boundary acting as support at 51.5 and the upper boundary as resistance at 55.7 levels. Breakdown below the lower boundary can confirm the rectangle as a top reversal with the possible price target of 48 levels.

ISHARE MSCI EAFE ETF (EFA) formed a 6 month-long rectangle with the upper boundary acting as resistance at 82 and the lower boundary as support at 76.4 levels. Price is consolidating right below the 200-day average. Breakdown below the horizontal support can result in a top reversal with the price target at 71 levels.

Here is a breakdown of the ISHARES MSCI EAFE ETF for those of you who are not familiar with MSCI benchmarked funds.

Data as of Oct 29, 2021. Source: msci.com

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