GLOBAL EQUITY MARKETS – December 8, 2018

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ALLETE INC (ALE) – CUP & HANDLE

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 a year-long cup with handle continuation chart pattern on ALLETE INC listed on the New York Stock Exchange. In the second part of the blog post you can watch a video tutorial on cup & handle continuation chart pattern.

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GLOBAL EQUITY MARKETS – December 1, 2018

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ERSTE GROUP BANK AG (ERST.VI)

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 a 14 month-long Head and Shoulder top reversal on the Eastern European financial services company ERSTE GROUP, featured under the watchlist. In the second part of the blog post I discuss what I regard as text book H&S top chart pattern and their qualities.

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GLOBAL EQUITY MARKETS – November 24, 2018

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CHINA SSE 50 INDEX & FTSE A 50 ETF

Low volatility period begets high volatility and vice versa. Price charts when going through those low volatility periods form one of the classical chart pattern (symmetrical triangle, rectangle, flag/pennant, H&S continuation, right angle triangle) and alert us for a possible breakout. Breakouts from lengthy and low volatility consolidation periods are usually followed by strong breakouts and directional movements. We would like to capture those strong directional movements.

One of the best example for the cyclicality of volatility is the China SSE 50 Index. Strong directional move that took place in the first half of 2018 is now being followed by a tight consolidation (low volatility period) which is likely to be followed by sharp price action in the following weeks/months. Past 5 month’s price action formed a channel in a tight range. Breakout from the 5 month-long channel can either reverse the downtrend that has been intact since the beginning of the year, or resume the downtrend. In either case we are likely to see a strong directional movement. Resistance stands at 2,565 levels.

For those who would like to take advantage of a possible breakout/breakdown on China SSE 50 Index, I feature below the iShares FTSE A50 China Index ETF that is listed on the Hong Kong Stock Exchange.

ISHARES FTSE A50 CHINA INDEX ETF HKD (2823.HK)

The Ishares FTSE A50 China Index ETF aims to provide investment results that, before fees and expenses, closely correspond to the performance of the FTSE China A50 Index.The ETF is listed on the Hong Kong Stock Exchange. Price chart formed a 4 month-long descending triangle with the horizontal boundary acting as strong support at 11.9 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close below 11.7 levels will confirm the breakdown from the 4 month-long descending triangle with the possible chart pattern price target of 10.6 levels.


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GLOBAL EQUITY MARKETS – November 17, 2018

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Rectangle – Bearish Reversal

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GLOBAL EQUITY MARKETS – November 10, 2018

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SUPPORT & RESISTANCE

A stock (ETF, Index etc.) price is either in a trending phase or in a consolidation period. During strong trend periods prices move uninterrupted from one price level to another. During consolidations prices move in both directions without producing any meaningful or sustained price change and will form well-defined support and resistance areas on the charts. A support range represents a concentration of demand, and a resistance range represents a concentration of supply.

A resistance level is an approximate level or fairly well-defined price range, where previously advancing stock meets resistance in the form of strong selling. A support level is an approximate level or price range where a preceding decline meets support, in the form of strong buying. A possible explanation for appearance of such well-defined price boundaries in the form of support and resistance can be the fact that the public tend to remember previous levels the stock has traded.

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