The iShares MSCI All Country World Index ETF (ACWI.O) had another strong weekly close thanks to the Friday's price action. I'm analyzing the latest strength as a rebound in a downtrend. 63 levels remains as the strong support level. Previous support that was breached on the downside will act as resistance at 66.3 levels.
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Global equity markets performance as measured by the iShares MSCI All Country World Index ETF (ACWI.O) rebounded from oversold levels. In the time frame I analyze price charts (daily, weekly and monthly) from a classical charting perspective there is no clear sign of reversal. V bottoms can take place and they are usually difficult to anticipate and analyze. My best guess is that we see some sort of consolidation after December's sharp sell-off. The consolidation can result in a re-test of previous lows. We will be able to tell as we get new evidence (data points) from the markets. For now I can say that the ACWI ETF (ACWI.O) stabilized around the support at 63 levels. Strong resistance stands at 66.3 levels. The ETF is trading below its long-term average and is in a steady downtrend.
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Global equity markets performance as measured by the iShares MSCI All Country World Index ETF (ACWI.O) broke down the 3 month-long sideways consolidation by breaching the support at 66.3 levels. Breakdown was followed by a sharp drop towards the next support level at 63 levels. Nothing good happens below the 200-day moving average. Back in October the long-term trend following indicator alerted us to the change in trend. Previous support becomes the new resistance. 66.3 levels will act as short-term resistance if markets experience any rebound. In the short-term, there is no chart pattern that would signal a trend reversal.
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Global equity markets performance as measured by the iShares MSCI All Country World Index ETF (ACWI.O), formed a new trading range between 66.3 and 71.3 levels. Over the past 3 months the ETF has been consolidating in a wide range below its long-term (200-day) average. Breakdown of the wide 3 month-long consolidation can send the ETF towards the next support level at 63. If the ETF manages to hold above the support at 66.3 levels, we can expect further consolidation between 66.3 and 71.2.
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Announcement: Dear Tech Charts members, We have included a new feature to Tech Charts website. At the bottom of each report we have incorporated comment platform DISQUS. Previous comment platform was not allowing members to post charts and have discussions. With this improvement, I hope to have detailed discussions with our members and possibly post breakout alerts related to each week's report. I also hope that Tech Charts members will be able to interact with each other through the DISQUS platform (at the bottom of each weekly report) to share their knowledge on different instruments available to take advantage of breakout opportunities. I hope we will all benefit from this new feature.
Global equity markets performance as measured by the iShares MSCI All Country World Index ETF (ACWI.O) reversed from its long-term moving average resistance at 71.3 levels. In the beginning of October the index broke down its 7 month-long consolidation and the 200-day moving average. Since then the ETF has challenged the strong resistance area between 71 and 71.5 levels but failed to breach higher. This week's sell-off pulled the ACWI ETF towards the minor support at 66.5 levels. Failure to hold above the short-term support can send the index to the next level at 63 levels. The iShares MSCI All Country World Index ETF is trading below its long-term average and is in a downtrend.
The iShares MSCI All Country World Index ETF (ACWI.O) continues to consolidate below its long-term average at 71.4 levels. 71-71.4 area will act as strong resistance for the Global equity benchmark. Over the past few months the ETF has been consolidating in a wide range between 66.5 and 71 levels. I use the 200-day moving average as a trend filter. Price action below the long-term average warns us of possible weakness (in the form of further choppy price action or continued downward momentum).
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The longer the price remains below the long-term averages the more established that downtrend will become. The benchmark for the Global Equity Markets performance, iShares MSCI All Country World Index ETF (ACWI.O) broke down the lower boundary of its multi-month long consolidation and its long-term average around same time. Sharp sell-off was followed by a pullback to the chart pattern boundary. This week's price action resumed the downtrend. The minor low around October lows (66) will act as short-term support. Breakdown below the October lows can send the ACWI ETF towards the next support level at 63 levels. Strong resistance area remains between 71 and 71.5 levels. Until we see a recovery above the resistance area (71-71.5), we will expect the weakness to resume in the Global Equity Markets.
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The iShares MSCI All Country World Index ETF (ACWI.O) found resistance at the long-term 200-day (40-week) moving average. Last two week's price action can be a pullback to the broken support levels between 71 and 71.8. Until I see a recovery above the 200-day average, I will expect the choppy downward price action to resume. Global equities are likely to move in a wide trading range in the following weeks. Strong resistance area stands between 71 and 71.8 levels.
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Strong rebound on the iShares MSCI All Country World Index ETF pulled the price back to February lows. Strong resistance area stands between 70 and 71.8 levels. After a sharp drop and increase in volatility, we should expect more choppy price action resulting in a short-term consolidation. There is no chart pattern development that would suggest a short-term bottom at this stage. The ACWI ETF is trading below its long-term average.
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The iShares MSCI All Country World Index ETF (ACWI.O) is trying to hold above February 2018 lows. After reversing from the horizontal resistance at 74.8, the ETF fell below its long-term average and currently is trading below the 200-day average. This week's candlestick was a "doji". It shows that price found short-term support. Failure to hold above February lows can send the ETF towards the next strong support area at 63 levels.
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