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 a rectangle continuation chart pattern on Star Bulk Carriers Corp listed on the Nasdaq Stock Exchange.
STAR BULK CARRIERS CORP (SBLK.O)
Star Bulk Carriers Corp is a Greece-based shipping company. It owns and operates a fleet of dry bulk carrier vessels. The Company’s vessels transport major bulks, which include iron ore, coal and grain, and minor bulks, which include bauxite, fertilizers and steel products. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 2 month-long rectangle with the horizontal boundary acting as resistance at 31.90 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 32.80 levels will confirm the breakout from the 2 month-long rectangle with the possible chart pattern price target of 39.00 levels. Rectangle can act as a continuation chart pattern after the stock completed a larger scale ascending triangle. Data as of May 16, 2022.
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