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 SYSTEMAX INC., listed on the New York Stock Exchange.
SYSTEMAX INC (SYX)
Systemax Inc (NYSE:SYX) is a direct marketer of brand name and private label products. The Company’s segments are Industrial Products Group (IPG), EMEA Technology Products Group (EMEA), and Corporate and Other (Corporate). The stock is listed on the New York Stock Exchange. Price chart formed a 15 month-long head and shoulder top with the horizontal boundary acting as strong support at 20.45 levels. The horizontal boundary was tested several times over the course of the chart pattern. The right shoulder of the H&S top can be identified as a possible 7 month-long descending triangle. The descending triangle is a bearish continuation chart pattern. A daily close below 19.75 levels will confirm the breakdown from the 15 month-long head and shoulder top with the possible chart pattern price target of 12.00 levels. A breach above the high of the right shoulder (26.15) can result in a H&S top failure and put the bearish interpretation in question.
