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, Australia S&P ASX 50 index is from the review section of the weekly report. It is featuring a possible 2 year-long head and shoulder continuation that can resume uptrend to all-time highs.
AUSTRALIA S&P ASX 50 INDEX
Australia S&P ASX 50 Index cleared the strong horizontal the resistance at 7,380 levels. Strong price action puts the H&S continuation possibility on the cards. H&S continuation price target stands at 8,300 levels. 7,200-7,380 area becomes the new support. Last week’s price action was more like a hard re-test towards the support area. Uptrend can resume higher.
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