April 16 Chart of the Day - Equinor
Highly precise price action technical analysis offers the strongest trading edges and the most opportunities across the markets, making it the foundation of our reviews.
Equinor (EQNR) made headlines today after a new policy decision halted the development of an offshore wind farm project off the coast of New York.
Already trading more than 50% below its all-time highs (ATH), the stock took another hit on the news, driving shares even lower.
With that in mind, let’s examine where price action could be headed from here, in both directions.
Consistent profitable investing and/or trading requires a structured, rules-based approach to price action analysis. Proven processes, disciplined risk-reward management, and precise execution create the foundation for long-term success.
When combined with powerful mental performance strategies, this method becomes the ultimate blueprint for thriving in any market, on any time frame.
As requested, this analysis will take a price action technical analysis approach to assess key levels and potential next price moves for this chart.
Since May 2023, we've showcased over 475+ Charts of the Day and provide FREE Price Action Trading education to traders who join our highly rated Trade Room.
Monthly Chart
On the monthly chart during the past five years price has been defined by a historic recovery, a euphoric breakout near previous $41.91 ATHs, and now, a precarious retreat that has investors and traders watching key support levels closely.
Since that high, price has pulled back sharply - now well off ATHs and facing increased volatility. Analysts are trimming price targets, and the technical setup shows weakening momentum, sparking debate about whether a deeper correction is in play.
This dynamic price action underscores the importance of a cautious, well-informed approach when considering a stock's short- to mid-term prospects.
Weekly Chart
On the weekly chart we can see where price tested its ATH before quickly dropping back down the past several weeks.
In fact, price sliced through what many considered key support levels with surprising ease - and now could be rapidly approaching what we’re calling a pivotal bear/bull zone in the $20 area.
Why then when a company makes ATHs can price quickly drop back down?
For a variety of reasons including maybe this was a case of traders and investors taking some profits off the table.
Regardless, it's clear to see that for more than five years price has been making a series of higher highs and higher lows /aka/ an uptrend.
It goes without saying though, the only guarantee in the markets is that price cycles. It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.
Only time will tell for sure what price will do next...
We’ve combined advanced Fibonacci levels with key support/resistance zones and trend analysis to pinpoint potential price levels of interest and future targets.
With precision-focused charts like these, both traders and investors can confidently build and execute their strategies.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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