REPSOL SA (REP.MC)

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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. Below chart, Repsol, S.A. (Repsol) is from the watchlist section of the weekly report. It is featuring a possible 19 month-long ascending triangle that can act as a bullish continuation. This chart also is a good representation of the overall strength in Global Energy equities.

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GLOBAL EQUITY MARKETS – March 23, 2024

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) reached its long-term H&S bottom price target at 109 levels. The ETF earlier completed a bullish flag which has helped the uptrend resume higher. Global Equity benchmark formed a short-term consolidation between 106.8-109 area which was broken on the upside during the week. There is no top reversal chart pattern at this stage. Uptrend is intact. During any sharp pullback 106.8-102.3 area can act as support.

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Live Webinar and Q&A with Aksel – Thursday, March 21, 2024, 8:30 am mountain

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Dear Tech Charts Members,

We are continuing our Member webinar series with chart pattern reliability statistics Year to Date, for the year 2023 and past 7 years combined. We plan to have an interactive session and an open discussion to answer members’ questions on different markets and specific charts of interest. Please send your charts and questions to aksel@techcharts.net, and I will add them to the webinar discussion points.

Scheduled for: Thursday, March 21, 8:30 am mountain (register below)

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CRYPTOCURRENCIES – March 17, 2024

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BTCUSD is testing the resistance area between 65K – 68K. Breakout above the upper boundary of a rising trend channel started a runaway price movement towards the resistance area. This week’s price action is not a confirmed breakout to all-time high levels. ETHUSD cleared the upper boundary of the possible rising wedge, held the support level and now accelerating the uptrend with long back to back white candles towards the next resistance at 4,400 levels.
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GLOBAL EQUITY MARKETS – March 16, 2024

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) reached its long-term H&S bottom price target at 109 levels. The ETF earlier completed a bullish flag which has helped the uptrend resume higher. Global Equity benchmark is now testing a resistance area. 106.8-109 area is acting as resistance and so far paused the existing uptrend. There is no top reversal chart pattern at this stage. During any sharp pullback 106.8-102.3 area can act as support. Short consolidation above 106.8 should be considered bullish and suggest continuation of the existing uptrend.

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GLOBAL EQUITY MARKETS – March 9, 2024

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) reached its long-term H&S bottom price target at 109 levels. The ETF earlier completed a bullish flag which has helped the uptrend resume higher. Global Equity benchmark is now testing a resistance area. 106.8-109 area can act as resistance and pause the existing uptrend. There is no top reversal chart pattern at this stage. During any sharp pullback 106.8-102.3 area can act as support.

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INTERIM UPDATE – March 7, 2024

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I start my research on Mondays and finalize by end of day Thursday. Friday is dedicated to putting all ideas to the report format. During the week I come across good setups and those are featured in the weekly report. However, there are those that pop up during the week and is worth bringing to your attention before the week finalizes. Below are the latest additions to Tech Charts watchlist. These charts will also be included in the weekly update.

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CRYPTOCURRENCIES – March 3, 2024

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BTCUSD cleared the upper boundary of trend channel and once again tested the 65K resistance. Breakout above the upper boundary of a rising trend channel started a runaway price movement towards 65K. ETHUSD cleared the upper boundary of the possible rising wedge, held the support level and now accelerating the uptrend with long back to back white candles.
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GLOBAL EQUITY MARKETS – March 2, 2024

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is trending towards the long-term H&S bottom price target at 109 levels. The ETF earlier completed a bullish flag which has helped the uptrend resume higher. Global Equity benchmark is now getting closer to a resistance area. 106.8-109 area can act as resistance and pause the existing uptrend. There is no top reversal chart pattern at this stage.

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GLOBAL EQUITY MARKETS – February 24, 2024

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is trending towards the long-term H&S bottom price target at 109 levels. The ETF earlier completed a bullish flag which has helped the uptrend resume higher. Global Equity benchmark is now getting closer to a resistance area. 106.8-109 area can act as resistance and pause the existing uptrend. There is no top reversal chart pattern at this stage.

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