The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) found resistance at 77.5 levels. Last week's bearish shooting star candlestick pattern proved to be a short-term correction signal. Following a quick sell-off (intra-week) the ETF recovered to test its previous high.
Is the short-term correction over? Read More
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 a rectangle chart pattern opportunity, listed on the New York Stock Exchange.
AutoZone, Inc. is a retailer and distributor of automotive replacement parts and accessories in the United States. The Company operates through the Auto Parts Locations segment. The Auto Parts Locations segment is a retailer and distributor of automotive parts and accessories. The stock is listed on the New York Stock Exchange. Price chart formed a 4 month-long rectangle with the horizontal boundary acting as strong resistance at 1,180.0 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 1,215.0 levels will confirm the breakout from the 4 month-long rectangle with the possible chart pattern price target of 1,320.00 levels. Breakout can push the stock to all-time highs. (Data as of December 2, 2019)
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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) found resistance at 77.5 levels. This week's price action formed a shooting star candlestick around the resistance area. The shooting star is common candlestick that indicates the potential for a bearish reversal. This candlestick is characterized by a small body with a long upper wick and a short or nonexistent lower wick. In order to be classified as a shooting star, the upper wick of the candlestick should be at least twice as long as its body. The shooting star candlestick looks very similar to the inverted hammer candlestick. The defining difference is that shooting stars are bearish reversal signals at the top of of uptrends, while inverted hammers are bullish reversal signals at the bottom of downtrends.
The 5 month-long rectangle price target stands at 79.6 levels. Breakout above the minor resistance can push the ETF towards the price target at 79.6. Both the daily and weekly price charts show a steady uptrend. Unless we see a strong breakout above this week's high, ACWI ETF can trade between 74.8 and 77.5 levels in the following weeks.
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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) continued to trade close to the resistance level at 77.5 levels. The ETF found short-term resistance around 77.5 levels. The 5 month-long rectangle price target stands at 79.6 levels. Breakout above the minor resistance can push the ETF towards the price target at 79.6. Both the daily and weekly price charts show a steady uptrend. 74.8 levels will act as support during any pullback.
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