GLOBAL EQUITY MARKETS – December 10, 2022

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is consolidating around its 200-day average at 88.4 levels. The ETF is looking for direction. On the daily scale price action is going through low volatility condition which is usually followed by directional movement. Next week will be important in understanding the short/medium-term trend direction. Failure to recover and stabilize above the 200-day average can result in a downtrend towards 81.4 levels. Another strong daily price action towards 90 levels can start a new uptrend above the long-term average.

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NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC (EDU.N) 

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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 is from the watchlist section of the weekly report. It is featuring a trading opportunity on the price chart of New Oriental Education & Technology Group Inc.

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GLOBAL EQUITY MARKETS – December 3, 2022

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) recovered above its 200-day average which was acting as resistance at 88.5 levels. Breakout was with a long daily candle that cleared both the trend line resistance and the 200-day average. Following two days were pullback to the broken resistance. It will be important for the ETF to hold above those levels in the rest of December. Failure to hold above 88.5 will result in a similar move we have seen in March 2022 where the ETF had few days of price action above the average and rolled over to resume its downtrend.

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CRYPTOCURRENCIES – November 27, 2022

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Since the last update not much has changed on the outlook of the pairs that were covered. This update focuses on four different trade setups. In case of a change in outlook of the previously covered pairs, I will issue an interim report. For now we cover the following 4 pairs.
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GLOBAL EQUITY MARKETS – November 26, 2022

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average which is acting as resistance at 88.5 levels. This is now the second test of the 200-day average in the same month and the third test in the same year. We will learn shortly if this is another reversion to the mean in a steady downtrend or the beginning of a new uptrend with the breach of strong resistance area. The inflection area is between 88.5 and 89. Failure to clear the strong resistance area can result in a weakness towards the minor low at 85 levels.

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INTERIM UPDATE – November 22, 2022

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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 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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GLOBAL EQUITY MARKETS – November 19, 2022

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average which is acting as resistance at 88.5 levels. The ETF recovered above 81.4 levels. Downtrend is intact. March and August were two other times the ETF tested its 200-day average in a downtrend. I will monitor the price action around the long-term average. 88.5-89.5 area is the resistance. Breakout above that range can change the outlook to positive for Global equities.

 

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CRYPTOCURRENCIES – November 13, 2022

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A volatile week that was driven by the unfortunate events that unfolded around FTX. Many charts had bearish setups prior to the FTX collapse. Markets have always been a discounting mechanism. Most of the bearish setups completed with this week’s sell-off. Now our focus is on those support levels that are likely to act as resistances. Let’s review our charts.
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GLOBAL EQUITY MARKETS – November 12, 2022

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average which is acting as resistance at 88.1 levels. The ETF recovered above 81.4 levels. Downtrend is intact. March and August were two other times the ETF tested its 200-day average in a downtrend. I will monitor the price action around the long-term average. 88.1-90 area is the resistance. Breakout above that range can change the outlook to positive for Global equities.

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FIRST MAJESTIC SILVER CORP (AG.N)

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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 is from the watchlist section of the weekly report. It is featuring a trading opportunity on the price chart of FIRST MAJESTIC SILVER CORP.

FIRST MAJESTIC SILVER CORP (AG.N)

First Majestic Silver Corp is focused on silver and gold production in Mexico and the United States. The stock is listed on the New York Stock Exchange. Price chart formed a 5 month-long complex (with 2 heads) head and shoulder bottom with the horizontal boundary acting as strong resistance at 9.13 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 9.40 levels will confirm the breakout from the 5 month-long head and shoulder bottom with the possible chart pattern price target of 11.60 levels.

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