The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average. The ETF is trying to recover above the minor low at 85.4 levels. Though this is so far more like a rebound in a downtrend. ACWI ETF has many resistances ahead. There is no bottom reversal chart pattern on daily and weekly scale price charts.
Did we see the bottom in cryptocurrencies or is it just another bear market rebound that will be followed by another leg down? Several pairs experienced rebounds from their minor lows. In this update I’m featuring those that are forming rectangles or possible double bottom reversals. Please bear in mind that prices are clearly below their year-long averages and the trends are down. So any reversal pattern below the long-term averages will likely be choppy and might not produce a strong directional movement.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average. The ETF is trying to recover above the minor low at 85.4 levels. Though this is so far more like a rebound in a downtrend. ACWI ETF has many resistances ahead. There is no bottom reversal chart pattern on daily and weekly scale price charts.
This is a quick update on the status of the major cryptocurrencies BTCUSD and ETHUSD. Both pairs have experienced major breakdowns. Question is: have we seen the bottoms on these two charts? I will issue a separate, detailed report on altcoins during the week.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average. The ETF failed to hold above 85.4 levels. The 200-day average is currently at 96.6 levels. Global equities are in a downtrend. There are strong resistances ahead. I continue to monitor the ETF for a reversal chart pattern. Too early to call for a bottom reversal at this point. 85.4 becomes the new resistance.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average. The ETF failed to hold above 91.7 levels. The 200-day average is currently at 97.1 levels. Global equities are in a downtrend. There are strong resistances ahead. I continue to monitor the ETF for a reversal chart pattern. Too early to call for a bottom reversal at this point. Short-term support stands at 85.4 levels.
Several altcoins have broken major support levels. In this update I feature those altcoins that still haven’t met their chart pattern price targets. Also I discuss the current outlook for BTCUSD, ETHUSD and feature a breakout opportunity on TRXUSD.
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 breakout alerts section of the weekly report. It is featuring a rectangle continuation chart pattern completing on Sanmina Corporation listed on the Nasdaq Stock Exchange.
Sanmina Corporation is a provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. The Company provides these offerings to original equipment manufacturers (OEMs) that serves the industrial, medical, defense and aerospace, automotive, communications networks and cloud solutions industries. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 13 month-long rectangle with the horizontal boundary acting as strong resistance at 43.20 levels. The horizontal boundary was tested several times over the course of the chart pattern. The daily close above 44.50 levels confirmed the breakout from the 13 month-long rectangle with the possible chart pattern price target of 50.60 levels.
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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. The ETF is trying to hold above the minor low at 91.7 levels. The 200-day average is currently at 97.5 levels. Global equities are rebounding in a downtrend. There are strong resistances ahead. I continue to monitor the ETF for a reversal chart pattern. Upward momentum can push the ETF towards the long-term average. Too early to call for a bottom reversal at this point.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average. Friday’s price action pushed the ETF above the minor low at 91.7 levels. The 200-day average is currently at 97.7 levels. Global equities are rebounding in a downtrend. There are strong resistances ahead. I continue to monitor the ETF for a reversal chart pattern. Upward momentum can push the ETF towards the long-term average. Too early to call for a bottom reversal at this point. I will continue to take breakout signals on individual equities that complete lengthy consolidations to new highs.
