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, GATX CORP is from the watchlist section of the weekly report. It is featuring a possible H&S continuation that is ready for breakout after several tests of pattern boundary.
GATX CORP (GATX.K)
GATX Corporation is a global railcar lessor, owning fleets in North America, Europe, and India. The Company’s segments include Rail North America, Rail International, Portfolio Management and Other. The stock is listed on the New York Stock Exchange. Price chart formed a 3 month-long head and shoulder continuation with the horizontal boundary acting as strong resistance at 168.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 170.50 levels will confirm the breakout from the 3 month-long head and shoulder continuation with the possible chart pattern price target of 188.00 levels.
I’ve discussed in detail how H&S continuation forms and why it is valid classical chart pattern in this interactive blog post [1]. You can learn about the pattern and test your knowledge. (Please note, the interactive content works only on chrome browsers)
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