GLOBAL EQUITY MARKETS – June 6, 2020
REVIEW
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) cleared its 200-day moving average that was acting as resistance at 71.8 levels. Last two month's price action can be identified as a rising channel. Price can remain inside the trend channel. During any pullback the 200-day moving average at 71.8 levels can act as support. The acceleration on the upside took a parabolic shape in the short-term. Parabolic price actions are not sustainable. Short-term corrections or sideways consolidations are possibilities that we need to consider after such strong advance.
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INTERIM UPDATE – June 5, 2020
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 3 additions to Tech Charts watchlist that may experience breakouts. These charts will also be included in the weekly update.
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SECTOR REPORT (ENERGY) – June 3, 2020
A theme develops when we see several bullish or bearish chart patterns on the price charts of an industry/sector. At Tech Charts, research and idea generation is based on a bottom up approach. That means I start with individual names irrespective of market, sector or geography. As I find new opportunities that fit my criteria I add them to my watchlist. Sometimes I see several similar chart pattern developments and when I start working on my short list I come across developing themes. Read More
