A short-term bullish opportunity might be developing in Energy sector equities in Global markets. Last week’s Global Equity Markets report featured SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF (XOP). This interim update adds few more well-defined horizontal chart pattern setups that can resolve on the upside. Breakouts from these consolidations can add momentum to Energy related equities.
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 from the review section iShares MSCI Frontier 100 Index ETF (FM).
The benchmark for the Frontier markets, the iShares MSCI Frontier 100 ETF (FM) is possibly forming a symmetrical triangle that will act as a launching pattern for the H&S bottom reversal. The symmetrical triangle is forming around the 200-day moving average, a setup that I usually look for. Completion of the month-long symmetrical triangle will push the price above the long-term average and also clear the horizontal resistance (neckline for H&S bottom) at 29 levels. (Data as of 6:00 pm CET /April 9, 2019)
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The benchmark for Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) continues to remain strong. The ETF had a strong rebound from support at 63 levels and since then the uptrend resumed without any significant setback. In February the ETF cleared its 200-day moving average and continues to trend above its long-term average. In the short-term horizontal resistance at 74.8 levels can act as an overhead supply. Strong support is the 200-day average at 70.3 levels.
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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 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 from the review section iShares MSCI Emerging Markets Index ETF (EEM).
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is trying to find direction above its long-term average. We can see choppy price action around the 200-day average. More important is how the index will consolidate around the average. If it forms an orderly, recognizable short-term consolidation (in the form of a flag, pennant, rectangle, symmetrical triangle) I will conclude that the index is preparing for a new leg up. 200-day moving average is forming support at 70.15 levels.
One of my daily tasks is to go through +/- 2,000 names in search for well-defined classical chart patterns. I do this throughout the week. I disconnect from the markets during trading hours and run my research. As the weekend nears, I start finalizing new additions to the watchlist section of the weekly report. I like to inform members ahead of breakouts letting enough time to run their own due diligence on the companies discussed.
The chart below was part of the upcoming report’s watchlist. However, it seems like there is a possibility of a breakout prior to the weekend. I think it is important for our members to be informed about this chart setup.
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 from the watchlist section BARRICK GOLD CORP, listed on the New York Stock Exchange.
The benchmark for the Global equity markets performance the iShares MSCI All Country World Index ETF (ACWI.O) is trying to find direction above its long-term average. In March the index pulled back to the 200-day average and rebounded. Past few day’s trading once again pulled the index towards the long-term average that can act as support around 70 levels. We can see choppy price action around the 200-day average. More important is how the index will consolidate around the average. If it forms an orderly, recognizable short-term consolidation (in the form of a flag, pennant, rectangle, symmetrical triangle) I will conclude that the index is preparing for a new leg up. Price action in 2016 is a good explanation of what I would like to see around the 200-day average to call for a change in trend. (A sharp drop, followed by a strong rebound that breaches the 200-day average, followed by choppy price action in search of a new trend and eventually forming a recognizable chart pattern)
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) found support above its 200-day (40 week) average. Sharp V-reversal from the low of January 2019 didn’t encounter a pullback/correction. I analyze the price action that manages to consolidate and find support above its long-term average as positive and review the ACWI ETF with a bullish bias. During any pullback or further sideways consolidation, the 200-day moving average at 69.9 levels will act as support.
