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 H&S bottom reversal chart pattern on Aon PLC listed on the New York Stock Exchange.
AON PLC (AON) – new addition to watchlist
Aon PLC is a global professional services company. The Company provides advice and solutions to clients focused on risk, retirement and health, delivering distinctive client value via risk management and workforce productivity solutions. The stock is listed on the New York Stock Exchange. Price chart formed a 3 month-long head and shoulder bottom with the horizontal boundary acting as strong resistance at 281.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 286.60 levels will confirm the breakout from the 3 month-long head and shoulder bottom with the possible chart pattern price target of 313.00 levels.
H&S top and bottom reversals have been reliable chart patterns over the past 5 years. While there hasn’t been many H&S reversals (as they only form at market turning points) those that have completed had good success rates. I’m monitoring the H&S bottom reversal on AON PLC closely as breakout can also clear the 200-day average at the same time as the neckline. Those are usually high conviction setups as they signal not only a reversal but a change in trend.
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