December 16 Chart of the Day - Energizer Holdings
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
Energizer Holdings (ENR) has been making headlines recently as analysts that follow the company have been talking about future growth, expanded distributions, excitement surrounding yada yada yada...
All we really care about is the price action technical analysis of their chart and since price recently "broke out" of a significant area on the chart we wanted to take a closer look.
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Monthly Chart
On the monthly chart we can see that since setting its $65.57 all time high (ATH) back in 2018 price fell dramatically over the next 5 years or so before establishing $24.81 as a definitive bottom in 2023
Since then, price has been making a series of higher highs and higher lows /aka/ an uptrend.
Weekly Chart
On the weekly chart we can see with much more clarity the fall, bottom, and subsequent price ascent. And in this case price roared back up before getting firmly rejected just shy of $40 in the form of support/resistance and an impulse bear 50% retracement level.
Since price recently broke out and above from the $31-$33 area there's a potential for a retest of that area.
Conversely, price could just be taking a breather in the current area before resuming back up and not provide a retest.
The only guarantee in the markets is that price cycles. It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.
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.
