August 1 Chart of the Day - Tupperware
I once had a mentor that would often say after getting into a trade or an investment "well it can only go to zero..."
And Tupperware (TUP) almost did.
Once trading near $100 back in 2014 the company's stock hit rock bottom at $0.61 just a few short weeks ago. And today the stock opened up above $5
How can that be traders and investors often wonder? Because from a price action technical analysis perspective price can do whatever it wants, whenever it wants, for any reason.
Sure, one can point to this management move, or this news event, but in reality what our experience has proven to us is that price can and does move in a manner consistent with the 5 free tools we teach with respect to Price Action Mastery.
So just for fun (sort of), I wanted to chart the monthly levels and then break it down further to the weekly level to see how this chart behaves in the future with respect to technical analysis because the question that is to be answered is did this chart really just "break out."
I'll be following it in the coming days/weeks to see because nobody ever knows for sure.
So what's next?
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
Take a look at the charts and let us know what you think.
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