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BULLISH FLAG ON MERCK KGAA

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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 from the watchlist section a bullish flag chart pattern that is listed on Frankfurt Stock Exchange. The short-term bullish consolidation can be utilized for trading opportunity. A link is provided here to learn more about Flag as a measuring pattern.

MERCK KGAA (MRCG.DE)

Merck KGaA is a Germany-based science and technology company. The Company operates in three business segments: Healthcare, Life Sciences and Performance Materials. The stock is listed on the Frankfurt Stock Exchange. Price chart formed a multi year-long consolidation range with lower boundary acting as strong support at 76.20 levels. The stock rebounded from the support.  Over the past few days MERCK formed a tight consolidation which can be identified as a bullish flag (shown on the daily scale price chart). The upper boundary is at 94 levels. A daily close above 96.8 levels can confirm the short-term bullish continuation with the possible chart pattern price target at 110.4 levels. (Learn more: Flag as a measuring pattern) (Data as of April 6, 2020)

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GLOBAL EQUITY MARKETS – September 7, 2019

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REVIEW

The minor consolidation between 70 and 72.5 is completed on the upside. The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains in a wider trading range between 70 and 74.8 levels. A long-term breakout will take place only if the ETF clears the horizontal resistance at 74.8 levels. Larger scale chart pattern can be identified as a H&S continuation.

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GLOBAL EQUITY MARKETS – August 31, 2019

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REVIEW

The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) formed a short-term consolidation range between 70 and 72.5 levels. The larger scale consolidation is between 70 and 74.8 levels. The boundaries have become well-defined. Breakout above the minor resistance at 72.5 levels can send the ETF towards the resistance at 74.8 levels. Failure at the minor resistance can result in further sideways consolidation between 72.5 and 70 levels. How the ETF resolves from the recent tight consolidation will decide on the last quarter performance for Global equities.

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INTERIM UPDATE – August 30, 2019

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Dear Tech Charts members, I'm currently working on couple of things.
  1. A detailed analysis of chart pattern reliability/statistics of all breakout alerts (will be available soon).
  2. A new schedule to focus on identifying and featuring more shorter-term breakout opportunities for our members with short-term focus. The weekly Global equity markets report features chart patterns in duration between 4 months - 24 months. I will start adding 2 months - 4 months duration chart patterns on daily scale price charts. A recent example is in this Interim Update (MERCK KGA).
  3. Quarterly member webinar due in September. (date and time will be announced soon).

As I put together the weekly Global equity markets report, I though of sending this Interim Update given the fast moving nature of the past few days equity markets. Members might want to take advantage of those breakouts, if they take place in the last trading day of the week. This update is prepared during Europe trading hours. Charts are as of 11:00 am CET.

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