https://blog.techcharts.net/wp-content/uploads/2017/04/April-15-Featured-Image-2.png 484 861 Aksel Kibar https://blog.techcharts.net/wp-content/uploads/2017/05/Tech-Charts-logo-FINAL-CLEAN-340w.png Aksel Kibar2017-04-14 15:13:402017-04-14 17:54:48GLOBAL EQUITY MARKETS - April 14, 2017
A relatively short but eventful trading week is behind us. Volatility increased due to geopolitical tensions. Equity indices came under pressure with bonds moving higher. There were 4 new chart pattern breakout signals during the week. Irrespective of general market direction, I try to feature those breakouts and breakdowns from well-defined trading ranges as they develop.
CBOE VOLATILITY INDEX (VIX)
Over the past 5 months, the VIX consolidated between 10 and 15 levels. Price tested the horizontal resistance at 14.75 for 3 times over the course of the 5 month-long consolidation. Since the beginning of April, volatility index has been inching higher towards the strong resistance. The daily close above 15.15 levels completed the 5 month-long consolidation. Our focus is now on two important levels. First one is 14.75, that will act as support during any possible pullback. Failure to hold above 14.75 will put the interpretation of higher levels into question. Second one is the chart pattern price target at 19 levels. Price target is calculated by taking the width of the 5 month-long consolidation and adding it to the breakout level.