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, France CAC40 Index is from the review section of the weekly report. It is featuring a possible double bottom (rectangle) reversal that is ready for breakout after several tests of pattern boundary.
FRANCE CAC 40 INDEX (.FCHI)
France CAC 40 Index has a possibility of a double bottom with the neckline standing at 7,730 levels. Breakout above 7,730 levels can complete the bottom reversal with the price target of 8,370 levels. Outlook turns to positive with the index recovering above the year-long average. France has been one of the laggards in European equity benchmarks. With its recovery above the 200-day average, once again a new uptrend can develop.
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