August 2 Chart of the Day - ACCO Brands
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
ACCO Brands (ACCO) is home to some of the world’s most iconic academic, consumer and business products. Remember that black and white Mead composition notebook that served as your diary? Or maybe the iconic Swingline stapler? Those are both part of the ACCO Brands portfolio — and about a thousand more!
By request we'll take a look at their chart today from a price action technical analysis perspective.
We have featured over 250 Charts of the Day since May 2023 and teach Price Action Trading for FREE to traders who join our Highly Rated Trade Room.
Monthly Chart
Using only price action basic structure tools trend and support/resistance, we can see on the monthly chart price has essentially been range bound for the better part of the last 15 years or so.
We also see that price carved out an upward sloping trend line from its all time lows back in 2009.
There's really no reason to add any other tools, studies, indicators, etc to this chart. We can see everything we need to with these two price action tools.
Seemingly, it appears as if price could either pop or drop from its current position. Don't need to over analyze it...
Weekly Chart
On the weekly chart we can see a fair amount of volatility within the defined range. Much of which is tradable using additional support/resistance levels that we've added to this view.
We can see that price has a major decision to make at this level. The only caveat is price will decide on its own timeframe and not investors or traders!
Trading around $4.70 earlier today if price were to pop from here a potential target could be $6.62 and then potentially $9 above there.
If price were to drop from here, well then worse case scenario it can only go to $0 and not a penny below that!
Only time will tell for sure what price will do next...
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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