EUROPE INDICES

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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 two major bottom reversal chart patterns on European equity benchmarks. I’m seeing similar setups on several single equities as well.

Several European stocks and equity benchmarks are forming possible H&S bottom reversals. One of them is the Swiss SMI with the 6 month-long H&S bottom reversal on the weekly scale price chart. The neckline stands at 11,230 levels. Breakout can clear the 200-day (40 week) average and target 12,460 levels. Next couple of weeks are going to be important for European benchmarks in their decision of continued downtrend or a reversal and establishment of new uptrends.

Another text-book H&S bottom reversal can be seen on PX Prague Index with the neckline acting as resistance at 1,268 levels. The index trying to breach the long-term average. Breakout from the H&S bottom can confirm the new uptrend with the possible price target of 1,432 levels.

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