August 15 Chart of the Day - Ollie's
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
Ollie's (OLLI) is a fast-growing extreme value retailer of brand name merchandise at drastically reduced prices. Known for their assortment of “Good Stuff Cheap,” they offer customers a broad selection of brand name products, including housewares, food, books and stationery, bed and bath, floor coverings, toys and hardware.
They currently have about 515 locations and with discount oriented consumer sentiment fairly bullish as evidenced by Walmart's impressive quarter we wanted to review Ollie's chart from a price action technical analysis perspective. The company is scheduled to report earnings on August 29 before market open.
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Monthly Chart
On the monthly chart we can see that after setting its $123.52 all time high (ATH) back in 2020 price fell dramatically all the way down to $40 area during the next year.
Since then, price has been making a series of higher highs and higher lows before meeting stiff resistance around $105. Now, price has faded down to the $85-$95 area.
Weekly Chart
On the weekly chart we can see with much more clarity the dramatic fall from ATHs and the climb back up.
Trading around $92.22 earlier today price seemingly is deciding whether to keep falling or begin another ascent upwards.
Could earnings later this month be the catalyst that pushes price above its upper trend line or will price continue fading?
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
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.
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