RUSSELL 2000 INDEX

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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. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the review section Russell 2000 Index.

If you have been struggling with stocks being choppy with frequent false breakouts, the chart below might explain the last several months lackluster performance. Russell 2000 Index has been range bound since February 2021. The index formed a well-defined consolidation range that can act as a bullish continuation as well as a top reversal. Rectangle chart pattern can act as a top reversal. The lower boundary of the well-defined consolidation is forming support at 2,100 levels with the 200-day moving average acting as another layer of support at 2,110 levels. When a well-defined, several times tested horizontal boundary overlaps with a long-term average (my preference is the 200-day EMA), I call these inflection points. Inflection points are important technical areas where we can expect a rebound or a breakdown that can result in a strong directional move. In other words those areas of “change”.

Russell 2000 Index is now very close to the lower boundary of its multi-month long consolidation. Breakdown can target 1,870 levels. A rebound from the strong support area can result in a re-test of the upper boundary at 2,360 levels.

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ASCENDING TRIANGLE SETUP

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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. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the watchlist section COMCAST CORP (CMCSA.O) listed on the Nasdaq Stock Exchange.

COMCAST CORP (CMCSA.O)

Comcast Corporation is a media and technology company. The Company has two primary businesses: Comcast Cable and NBCUniversal. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 4 month-long ascending triangle with the horizontal boundary acting as strong resistance at 58.50 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 59.40 levels will confirm the breakout from the 4 month-long ascending triangle with the possible chart pattern price target of 64.00 levels. Breakout can push the stock to all-time highs. As is the case for several stocks, the stock is very close to an earning announcement on Jul 29th. It is important to factor possible volatility around that date to your decision making.

 

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RECTANGLE SETUP

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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. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the watchlist section RBC BEARINGS INC (ROLL.O) listed on the Nasdaq Stock Exchange.

RBC BEARINGS INC (ROLL.O)

RBC Bearings Incorporated is an international manufacturer and marketer of engineered precision bearings and products, which are integral to the manufacture and operation of machines, aircraft and mechanical systems. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 4 month-long rectangle with the horizontal boundary acting as strong resistance at 207.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 213.00 levels will confirm the breakout from the 4 month-long rectangle with the possible chart pattern price target of 230.00 levels. Breakout can push the stock to all-time highs.

 

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SPDR DJ WILSHIRE SMALL CAP GROWTH ETF (SLYG.K)

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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. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the watchlist section SPDR DJ WILSHIRE SMALL CAP GROWTH ETF (SLYG.K) listed on the New York Stock Exchange. If you think this ETF has low liquidity, the same outlook applies in general to small cap etfs.

SPDR DJ WILSHIRE SMALL CAP GROWTH ETF (SLYG.K)

The Fund seeks to approximate, before expenses, the investment results of the Dow Jones Small Cap Growth Index. The ETF is listed on the New York Stock Exchange. Price chart formed a 5 month-long symmetrical triangle with the upper boundary acting as strong resistance at 89.60 levels. The upper boundary was tested several times over the course of the chart pattern. A daily close above 91.00 levels will confirm the breakout from the 5 month-long symmetrical triangle with the possible chart pattern price target of 99.50 levels. Breakout can push the ETF to all-time highs.

 

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HIGH CONVICTION SETUPS

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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. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the watchlist section Country Garden Services Holdings Company Limited listed on the Hong Kong Stock Exchange.

A high conviction setup for me needs to tick the boxes below. I look for few qualities with the perfect setups. These are:

A well defined chart pattern with horizontal boundaries

Preferably a rectangle chart pattern in duration 2 months – 24 months

A bullish setup (or breakout) taking place above the long-term (200 day) average

Preferably a breakout to all-time highs (path of least resistance)

The chart below is a candidate for a high conviction setup.

COUNTRY GARDEN SERVICES HOLDINGS CO LTD (6098.HK)

Country Garden Services Holdings Company Limited is a China-based provider of residential property management services. The Company mainly provides property management services, community value-added services and non-owner value-added services. The stock is listed on the Hong Kong Stock Exchange. Price chart formed a 3 month-long rectangle with the horizontal boundary acting as strong resistance at 83.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 85.50 levels will confirm the breakout from the 3 month-long rectangle with the possible chart pattern price target of 93.80 levels.

 

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SILVER – RECTANGLE SETUP

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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 and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the review section SILVER cash price.

SILVER (XAG)

After breaking above 19 levels in July 2020, Silver is consolidating and reverting back to its 200-day average. A strong support area can be identified between 21.8 and 25. The boundaries of the consolidation are 21.8 and 29.3. Price remains above the 200-day average and the trend is up. Breakout above the upper boundary at 29.3 can add momentum to the uptrend. If the consolidation completes on the upside, possible price target will be 37 levels. Failure to hold above the 200-day average can result in a re-test of the lower boundary at 21.8 levels. A possible short-term H&S bottom reversal completed above the 200-day average.

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BEST BUY CO INC (BBY)

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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 and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the watchlist section BEST BUY CO INC listed on the New York Stock Exchange.

BEST BUY CO INC (BBY)

Best Buy Co., Inc. is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The stock is listed on the New York Stock Exchange. Price chart formed a 8 month-long rectangle with the horizontal boundary acting as strong resistance at 124.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 127.70 levels will confirm the breakout from the 8 month-long rectangle with the possible chart pattern price target of 150.00 levels.

 

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GLOBAL EQUITY MARKETS – May 1, 2021

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REVIEW

The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is resuming its uptrend after completing the sideways consolidation, a symmetrical triangle. The upper boundary of a possible symmetrical triangle was breached at 95.9 levels. We can conclude that the uptrend is intact. Price objective stands at 102.7 levels. During any pullback 95.9 will act as support.

Read More

ISHARES MSCI EMERGING MARKETS ETF – EEM

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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 and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the review section IShares MSCI Emerging Markets ETF (EEM) listed on the New York Stock Exchange.

ISHARES MSCI EMERGING MARKETS ETF (EEM)

The benchmark for the Emerging Markets performance, the iShares MSCI Emerging Markets Index ETF (EEM) rebounded strongly from support at 51.7. The uptrend is intact with the ETF trading above its 200-day average. Support at 51.7 held and EEM might be forming a medium-term low. I’m monitoring the possibility of a minor H&S bottom reversal with the neckline standing at 54.7 levels. Breakout above 54.7 levels can target 57.7.

 

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ISHARES MSCI FRONTIER MARKETS ETF – FM

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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 and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the review section IShares MSCI Frontier Markets ETF (FM) listed on the New York Stock Exchange.

ISHARES MSCI FRONTIER MARKETS ETF (FM)

Strength in Frontier market equities can be an indication of increasing risk appetite. When it is a risk on environment for equities, the spillover effect is usually from Developed to Emerging and Frontier market equities. Consistent uptrend in Frontier Market equities and the possibility of a fresh breakout can suggest continued positive trend for Global equity markets.

The benchmark for the Frontier equity markets performance, the iShares MSCI Frontier 100 ETF, is consolidating in a range between 28.77 and 30 levels. The well-defined consolidation range can act as a continuation chart pattern. Breakout above 30 levels can renew the strength for Frontier market equities. Several tests of pattern boundary can be followed by a reliable breakout. Possible chart pattern price target stands at 31.15 levels.

Top 10 holdings as of March 1st 2021

Country Allocation of the Frontier Markets ETF as of March 1st 2021

Industry Allocation of the Frontier Markets ETF as of March 1st 2021

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As a Premium Member of Aksel Kibar’s Tech Charts,

You will receive:

  • Global Equities Report. Delivered weekly.
  • Classical charting principles. Learn patterns and setups.
  • Actionable information. Worldwide indices and stocks of interest.
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  • Information on breakout opportunities. Identify the ones you want to take action on.
  • Video tutorials. How patterns form and why they succeed or fail.
  • Watch list alerts. As they become available so you can act quickly.
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For your convenience your membership auto renews each year.

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