During the weekend research and daily charts review I came across those text-book opportunities which I think are time sensitive. Below are the latest additions to Tech Charts watchlist. These charts will also be included in the weekly update.
Bullish outlook on BTCUSD remains intact. Important support level at 25K level. A re-test of 28K levels can increase the likelihood of a bottom reversal, possibly a double bottom. ETHUSD chart is possibly morphing with a possible short-term rectangle on daily scale price chart.
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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) rebounded towards the resistance at 93 levels. Previous support at 93 levels become the new resistance. Failure to recover above 93 levels can result in further weakness below the long-term average. A sharp recovery above 93 levels can result in a bear trap and resume the uptrend on the Global Equity benchmark. For the uptrend to resume in Global Equities, it will be important for the ETF to stabilize above the long-term average.
I start my research on Mondays and finalize by end of day Thursday. Friday is dedicated to putting all ideas to the report format. During the week I come across good setups and those are featured in the weekly report. However, there are those that pop during the week and is worth bringing to your attention before the week finalizes. Below are the latest additions to Tech Charts watchlist. These charts will also be included in the weekly update.
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, select commodities, cryptocurrencies and global equity indices. Below chart, Zscaler, Inc. (ZS.OQ) is from the watchlist section of the weekly report. It is featuring possible rectangle continuation.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) breached the support formed by the 200-day average and the horizontal support at 93 levels. Friday’s sharp rebound closed around the 200-day average and the previous support which is now the resistance at 93 levels. Failure to recover above 93 levels can result in further weakness below the long-term average. A sharp recovery above 93 levels can result in a bear trap and resume the uptrend on the Global Equity benchmark.
Bullish outlook on BTCUSD remains intact. Important support level at 25K level. A re-test of 28K levels can increase the likelihood of a bottom reversal, possibly a double bottom. ETHUSD chart is possibly morphing with not a clear chart pattern development at this stage.
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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is testing its 200-day average and the horizonal support at 93 levels. It could still be early to call this week’s price action as a breakdown but clearly price action is showing weakness. Unless we see a quick recovery above 93 levels in the following week, the ETF can establish a downtrend below the 200-day average. Before I call this a change of trend from up to down, I would like to see few more daily closes below the long-term average. A sharp recovery and stability above the 200-day average can still be considered as part of a reversion to the mean.
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Recorded live 09.20.2023
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) broke out of its multi-month long consolidation. Price action so far looks like a reversion to the mean. Strong support is formed by the horizontal boundary at 93.3 and the 200-day average at 93.04. Given that two important technical levels are overlapping around the same area, I see it as an inflection point. Failure to hold above the 200-day average can result in a change in trend. Breakdown below the 200-day average can reverse the uptrend that has been intact since October 2022.
