JB HI-FI LTD (JBH.AX)

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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 chart is from the watchlist section of the weekly report. It is featuring the text-book rectangle on JB Hi-Fi Ltd listed on Australia Stock Exchange.

JB HI-FI LTD (JBH.AX)

JB Hi-Fi Ltd is an Australia-based company engaged in the retailing of home consumer products. The stock is listed on the Australia Stock Exchange. Price chart formed an 18 month-long rectangle with the horizontal boundary acting as strong resistance at 53.90 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 55.50 levels will confirm the breakout from the 18 month-long rectangle with the possible chart pattern price target of 64.00 levels. Until there is a breakout, the stock offers trading opportunity between boundaries.

 

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