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, SPDR DJI Average ETF is from the review section of the weekly report. It is featuring a possible developing head and shoulder continuation chart pattern.
SPDR DJI Average ETF (DIA)
The weekly scale price chart of SPDR DJI Average ETF might be forming a 6 month-long H&S continuation chart pattern with the neckline standing at 344 levels. The pattern formed nicely above the 200-day (40 week) average, which can complete and signal a change in trend as well. Breakout can target 374 levels. Horizontal boundary at 344 levels continue to act as resistance. I will monitor the ETF for another strong daily close to confirm the breakout.
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