The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) continues to remain in the trend channel and resuming its uptrend. Breakdown of the channel can result in a reversion to the mean. The upper boundary of the trend channel can act as resistance at 144 levels. Lower boundary of the channel and the minor low form support area between 136-139.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) experienced a rebound this week after last Friday’s sell-off that pulled the price to the lower boundary of its trend channel. Price remains in the trend channel and uptrend is intact. Breakdown of the channel can result in a reversion to the mean. I will monitor price action around the lower boundary of the channel in the following week. Rebound back inside the channel might be forming the right shoulder of a possible short-term top reversal. Still at the early stages. Re-test of the neckline at 136 levels can better define the H&S top reversal. Breach above 139.45 levels can resume the uptrend inside the trend channel.
BTCUSD is holding the neckline at 109K. ETH outperformed BTC in the short-term and the pair is looking for continuation higher. ETH still above support at 4,000 levels.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) experienced a sharp sell-off on Friday that pulled the price to the lower boundary of its trend channel. Uptrend is intact. The lower boundary of the trend channel can form short-term support at 136 levels. Friday’s close slightly below the channel boundary is not decisive. Long-term average and the horizontal support are forming an inflection area between 123.5-126.65. Breakdown of the channel can result in a reversion to the mean. I will monitor price action around the lower boundary of the channel in the following week. A rebound back inside the channel can form the right shoulder of a possible short-term top reversal. Still at the early stages.
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, BCI ALL COMMODITY STRATEGY ETF is from the review section of the weekly report. It is featuring a possible complex H&S bottom reversal that is ready for breakout after several tests of pattern boundary.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) did a round trip after the sharp sell-off and reached its all-time highs around 123.5 levels. Following the breakout above the horizontal resistance at 123.5 levels the ETF has been trending higher in a channel. Price is respecting both boundaries. Support area is between 136 and 131.5 levels. Uptrend is intact. The upper boundary of the trend channel can act as resistance around 141.2 levels. The lower boundary of the trend channel can form short-term support at 136 levels. Long-term average and the horizontal support are forming an inflection area between 123.5-126.
BTCUSD is holding the neckline at 109K. ETH outperformed BTC in the short-term and the pair is looking for a low. ETH found support at 4,000 levels.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) did a round trip after the sharp sell-off and reached its all-time highs around 123.5 levels. Following the breakout above the horizontal resistance at 123.5 levels the ETF has been trending higher in a channel. Price is respecting both boundaries. Support area is between 135 and 131.5 levels. Uptrend is intact. The upper boundary of the trend channel can act as resistance around 139.3 levels. The lower boundary of the trend channel can form short-term support at 135 levels. Long term average is now overlapping with the horizontal support around 123.5, forming an inflection point.
Webinar Outline
Dear Tech Charts Members,
We continue our Member webinar series with chart pattern reliability statistics for the Year to Date. We will also review early entry strategies with the application of stop-limit orders and ATR based breakout confirmation levels. Please send your charts and questions to aksel@techcharts.net, and I will add them to the webinar discussion points.
Scheduled for: Thursday, September 25th, 8:30 am Mountain (register below)
