August 30 Chart of the Day - Rex American Resources Corporation
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Rex American Resources Corporation (REX) is a leading U.S. producer of ethanol, a renewable, cleaner-burning fuel that reported earning before the market open today.
In looking at yesterday's $41.63 high of the day price seemingly "broke out" above structure and created new all time highs (ATH).
But after the market opened today this looks more like a "fake out" rather than a "break out".
At least for now...
Using price action technical analysis tool Fibonacci as taught in our new Master the Magic of Fibonacci: A Comprehensive Course on 6 Powerful Fib Types for Precise Price Targets & Reversal Zones we can use the Fib extension levels to project and anticipate (not predict) levels above the new recent ATH should price decides it wants to move in that direction.
Additionally, we can use support and resistance as taught in our MOST POPULAR Introduction to Price Action Trading to determine potential pull back levels.
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.
Take a look at the charts and let us know what you think.
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