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, Italy FTSE MIBTEL Index is from the review section of the weekly report. It is featuring a possible H&S continuation setup that is ready for breakout after several tests of pattern boundary.
ITALY FTSE MIBTEL INDEX (.FTMIB)
One of the better looking European equity benchmark after Germany’s DAX index is Italy’s FTSE MIBTEL. The benchmark is possibly forming an 8 month-long H&S continuation chart pattern with the neckline at 35,150 levels. The 200-day (40 week) average has been an important support since the beginning of 2023. The right shoulder of a possible H&S continuation stabilized above the year-long average. Breakout above 35,150 levels can push the index towards the target at 39,700 levels. Failure to remain above the 200-day average can result in H&S continuation negation and target the long-term trend line support around 29K.
H&S pattern can form as a continuation. I’ve written a detailed post on the differences and similarities between H&S top/bottom and the continuation type. You can find the interactive blog post here [1]. You can learn and test your knowledge by identifying the patterns with instant feedback.
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