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, Carvana Co. is from the watchlist section of the weekly report. It is featuring a possible 6 month-long head and shoulder continuation.
CARVANA CO (CVNA.N)
Carvana Co. is a holding company. The Company operates as an e-commerce platform for buying and selling used cars. Through the Company’s platform, consumers can research and identify a vehicle, inspect it using its patented 360-degree vehicle imaging technology, obtain financing and warranty coverage, purchase the vehicle, and schedule delivery or pick-up, all from their desktop or mobile devices. The stock is listed on the New York Stock Exchange. Price chart formed a 6 month-long head and shoulder continuation with the horizontal boundary acting as strong resistance at 58.15 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 60.00 levels will confirm the breakout from the 6 month-long head and shoulder continuation with the possible chart pattern price target of 91.00 levels.
Breakout alerts from the Tech Charts Global Equity Markets report are recorded under 8 different classical chart pattern. The data is covering the past 7 year’s breakout alerts. H&S continuation is one of the reliable classical chart pattern with a success rate of 60%. If you want to learn more about H&S continuation chart pattern you check this interactive Blog post [1] as well.
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