April 9 Chart of the Day - Neogen Corporation
Precision oriented price action technical analysis by far provides the best edges and most setups for traders across the markets so that's what we use for the basis of our reviews.
Neogen Corporation (NEOG) is an international food safety company that provides test kits and relevant products to detect dangerous substances in food.
The company reported earnings today before the market open and in pre-market trading dropped and tagged a significant technical level that you don't want to miss!
Monthly Chart
On the monthly chart we noticed that price has experienced extreme periods of volatility during the past 15 years and is approaching a proverbial "line in the sand" before a potential complete melt down.
Weekly Chart
On the weekly chart we can see the "line in the sand" with much more clarity.
In pre-market trading price traded as low as $10.50 thus flirting with a critical level for the bulls to hold so it will be interesting to see where price trades during regular trading hours (RTH).
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
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.
