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 88.9 levels. The ETF recovered above 81.4 levels. Downtrend is intact. I’m still not seeing a well-defined reversal chart pattern to call for a bottom reversal.
I pay attention to breakouts/breakdowns through horizontal boundaries. Breakouts through the diagonal boundaries can offer directional movement, though they might not follow the guidelines of classical charting principles. While an initial thrust can take place, it will not be possible to measure price objectives or chart pattern negation levels. With the breakout above 20,500 levels, BTCUSD experienced one of those price actions where there was not much follow through and the pattern most likely is going through some kind of morphing. Let’s review some of the recent chart pattern developments on different pairs.
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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 89.1 levels. The ETF recovered above 81.4 levels. Downtrend is intact. This week’s price action possibly completed a short-term reversal chart pattern. Daily charts below analyze the possible short-term reversal.
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 review section of the weekly report. It is featuring a trading opportunity on the price chart of Russell 2000 Index.
Russell 2000 Index, a measure of small cap performance, found support at the June 2022 lows; 1,650 levels. Until there is a breakdown below the support, I see a trading range between 1,650 and 1,900 levels. Breakdown can resume the downtrend. This week’s price action managed to hold above the June lows. Breakout above 1,780 levels can result in a short-term bullish reversal with the price target of 1,900 levels. I favor Russell 2000 Index for a short-term long position when compared with other U.S. equity benchmarks.
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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 89.5 levels. Volatility continues around the support/resistance at 81.4 levels. The ETF failed to stabilize above 81.4 levels. Downtrend is intact. Until I see a clean bullish reversal chart pattern, I am not acting on the long side of the price action on this ETF. Price target for the rectangle breakdown stands at 72 levels.
Extreme low volatility condition on BTCUSD both on daily and weekly scale is likely to resolve in the following days. While the direction of the possible breakout is not clear, the report below highlights the important technical levels to monitor. Several altcoins completed their consolidations on the downside. In this report I update those charts with their price targets.
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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 90 levels. Volatility continues around the support at 81.4 levels. The ETF failed to stabilize above 81.4 levels. Downtrend is intact. Until I see a clean bullish reversal chart pattern, I am not acting on the long side of the price action on this ETF. Price target for the rectangle breakdown stands at 72 levels.
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 90.6 levels. So much volatility around the support at 81.4 levels. Gap up above the horizontal level was reversed with a gap down. The ETF managed to stay above 81.4 levels for 2 days and was followed by a renewed weakness below the support. Downtrend is intact. Until I see a clean bullish reversal chart pattern, I am not acting on the long side of the price action on this ETF. Price target stands at 72 levels.
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 91.2 levels. Breakdown below 81.4 levels was with a gap opening. If the range between 81.4 and 92.7 levels act as bearish rectangle, price target for the downtrend will stand at 72 levels. 81.4 level becomes the new resistance. Recovery above 81.4 levels can result in a failed breakdown. So far the ETF didn’t have the momentum for a counter-trend move to fill the gap. If it is a breakaway gap, it might not get filled.
Volatility is low on many pairs suggesting directional movement soon. Many alt coins have been consolidating in tight ranges with well-defined chart patterns. Below is a review of the latest chart pattern developments. There might be many more pairs that are of interest to our members. Please feel free to pass along those that you want me to analyze under this post (DISQUS section). I welcome our members to comment with their charts/opinions as well.
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