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 chart is from the watchlist section of the weekly report. It is featuring the text-book head and shoulder continuation on Dycom Industries, Inc. listed on NYSE.
DYCOM INDUSTRIES INC (DY) – new addition to watchlist
Dycom Industries, Inc. is a provider of specialty contracting services throughout the United States. The Company includes engineering services, and construction, maintenance and installation services. It provides engineering services to telecommunications providers, including the planning and design of aerial, underground, buried fiber optic, copper and coaxial cable systems for its consumers. The stock is listed on the New York Stock Exchange. Price chart formed an 11 month-long head and shoulder continuation with the horizontal boundary acting as strong resistance at 100.60 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 103.60 levels will confirm the breakout from the 11 month-long head and shoulder continuation with the possible chart pattern price target of 136.00 levels. (Learn more: Video Tutorial [1])
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