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GLOBAL EQUITY MARKETS – October 19, 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 the famous horizontal 74.8 resistance. It is now almost 2 year that the ETF has been trading below the strong resistance with several tests. The rebound from the 200-day average at 72.5 took place with a gap opening. If we see further consolidation and pullback the ETF can fill the gap between 73 and 73.6 levels. The ACWI ETF is still trading in a wide range and the strong resistance continues to remain at 74.8 levels. Only after a breakout above the strong horizontal resistance we will conclude the completion of a multi-month long bullish chart pattern. The right shoulder of a possible H&S continuation is now well-defined and can be labelled as a rectangle.

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ASCENDING TRIANGLE (CONTINUATION)

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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 ascending triangle chart pattern opportunity, listed on the Nasdaq Stock Exchange.

PROOFPOINT INC (PFPT.O)

Proofpoint, Inc. is a security-as-a-service provider that enables large and mid-sized organizations to defend, protect, archive and govern their sensitive data. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 5 month-long ascending triangle with the horizontal boundary acting as strong resistance at 132.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 136.00 levels will confirm the breakout from the 5 month-long ascending triangle with the possible chart pattern price target of 160.00 levels. Data as of  October 15, 2019

 

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GLOBAL EQUITY MARKETS – October 12, 2019

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) rebounded strong from the support area formed by the horizontal minor support and the 200-day moving average between 72.25 and 72.5 levels. The weekly close was close to the multi-month long resistance at 74.8 levels. The ETF is still trading in a wide range and the strong resistance continues to remain at 74.8 levels. Only after a breakout above the strong horizontal resistance we will conclude the completion of a multi-month long bullish chart pattern. The right shoulder of a possible H&S continuation is now well-defined and can be labelled as a rectangle.

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