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 and emerging 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 a developing chart pattern on the iShares MSCI All Country World Index ETF listed on the NYSE.
Benchmark for Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) continues to consolidate in a tight range. Last 4 month’s consolidation can be identified as a possible symmetrical triangle. Symmetrical triangle is a neutral chart pattern. Price can breakout in any direction. Strong resistance stands at 73.90 levels. Support, formed by both the lower boundary of the symmetrical triangle and the 200-day (40-week) moving average stands at 71 levels. Last 4 month’s consolidation is taking place inside the 2 year-long uptrend channel. Long-term trend is upwards. Decisive breakdown below the lower boundary of the symmetrical triangle will not only complete the chart pattern but also breach the boundary of the uptrend channel and the long-term moving average. Such price action will suggest lower levels in the coming weeks. Until we see a decisive breakdown from the symmetrical triangle, we will expect the long-term uptrend to remain intact. A daily close below 70.5 levels will confirm the breakdown from the 4 month-long symmetrical triangle. Breakout above 73.90 levels will resume the uptrend.
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