Strength in U.S. equities alone was not enough to push the iShares MSCI All Country World Index ETF (ACWI.O) out of its 6 month-long consolidation range. Few days of price action above the chart pattern boundary at 73.9 levels failed to materialize into a strong directional movement. The ETF continues to remain in a range between 70.6 and 73.9 levels. Strong support stands at 70.6 levels.
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The iShares MSCI All Country World Index ETF (ACWI.O) breached the upper boundary of its 6 month-long symmetrical triangle. The upper boundary is acting as resistance at 73.9 levels. The jury is still out. We need to see a follow through in the following week to call for a breakout from the lengthy sideways consolidation. This week's price action can be a premature breakout that can be followed by a secondary completion. More on: Premature & False breakouts
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Once again the benchmark for Global Equity Markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is challenging the upper boundary of its 6 month-long sideways consolidation. The upper boundary was tested several times over the past few months. Resistance stands at 73.9. The lower boundary of the possible symmetrical triangle is acting as support at 70.5 levels. The ACWI ETF is trading above its long-term (200-day) average. Breakout above the upper boundary can complete the multi-month sideways consolidation and result in a directional move. The ACWI ETF still remains in a trading range.
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Global Equity Markets continue to remain in a range. The iShares MSCI All Country World Index ETF (ACWI.O) is possibly forming a 6 month-long symmetrical triangle with the upper boundary acting as resistance at 74 and the lower boundary as support at 70.5 levels. Breakout from this lengthy consolidation range will result in a directional move.
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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 a rectangle chart pattern on ISHARES DOW JONES US AEROSPACE & DEFENSE INDEX FUND (ITA) listed on the New York Stock Exchange.
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A well-defined consolidation range can offer trading opportunity between the boundaries. Since the beginning of the year Global Equity Markets performance has been muted. The iShares MSCI All Country World Index ETF (ACWI.O) formed a possible symmetrical triangle with the upper boundary acting as resistance at 74 levels and the lower boundary as support at 70.5 levels. This week the ACWI ETF reversed from the strong resistance at 74 levels. Price chart suggests further consolidation in a range. A decisive breakout above 74 or below 70.5 levels will possibly complete the multi-month long consolidation and result in a directional move.
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Global equity markets performance as measured by the iShares MSCI All Country World Index, remains muted in a range. Choppy sideways consolidation has been intact for the past 5 months. The upper boundary of the consolidation is acting as resistance at 74 levels and the lower boundary as support at 70.5. The 5 month-long consolidation is possibly forming a symmetrical triangle. Long-term uptrend is still intact with the ACWI ETF trading above its 200 day (40-week) average.
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The iShares MSCI All Country World Index ETF (ACWI.O) found resistance at the upper boundary of its 5 month-long consolidation. Last 5 month's price action can be identified as a possible symmetrical triangle with the upper boundary acting as resistance at 74 levels and the lower boundary as support at 70.4 levels. I track ACWI ETF to measure Global equity markets performance. Price continues to remain range-bound.
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The benchmark for Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) continued to remain range-bound in a possible 5 month-long symmetrical triangle. Over the past few weeks, the ETF managed to push above its 200-day (40 week) long-term average. I'm tracking the 200-day moving average as a trend indicator. The upper boundary of the 5 month-long symmetrical triangle is acting as resistance at 74 and the lower boundary is acting as support at 70.4 levels.
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