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 S & P INTERNATIONAL DIVIDEND ETF (DWX) is from the watchlist sections of the weekly report. The ETF is possibly forming 2 different H&S continuation chart patterns.
SPDR S & P INTERNATIONAL DIVIDEND ETF (DWX)
The SPDR® S&P® International Dividend ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P® International Dividend Opportunities® Index (the “Index”). The ETF is listed on the New York Stock Exchange. It seeks to provide exposure to the 100 highest yielding international common stocks that have passed certain sustainability and earnings growth screens. Price chart formed a 12 month-long head and shoulder continuation with the horizontal boundary acting as strong resistance at 35.90 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 36.40 levels will confirm the breakout from the 12 month-long head and shoulder continuation with the possible chart pattern price target of 39.90 levels. The right shoulder can be analyzed as a separate H&S continuation chart pattern with the same neckline. Breakout can complete both chart patterns which can become a high conviction signal. (Learn more: Video Tutorial [1])
I have discussed H&S continuation chart patterns and their validity in this interactive blog post. (Learn More about H&S continuation [2])
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