December 2 Chart of the Day - Gildan
Highly precise price action technical analysis offers the strongest trading edges and the most opportunities across the markets, making it the foundation of our reviews.
Gildan Activewear (GIL), a global leader in basic apparel manufacturing, recently completed its acquisition of Hanes, creating one of the largest vertically integrated apparel platforms in the industry.
After a strong multi-year advance, price is now pulling back from recent highs and testing key retracement levels inside a larger rising channel. Traders are watching to see whether this structure supports a continuation move or marks the top of the current cycle.
We'll review the chart from a price action perspective to identify potential levels of interest in both directions.
The charts highlight key levels where investors and traders alike will be watching closely.
Consistent profitable investing and/or trading requires a structured, rules-based approach to price action analysis. Proven processes, disciplined risk-reward management, and precise execution create the foundation for long-term success.
When combined with powerful mental performance strategies, this method becomes the ultimate blueprint for thriving in any market, on any time frame.
As requested, this analysis will take a price action technical analysis approach to assess key levels and potential next price moves for this chart.
Since May 2023, we've showcased over 650+ Charts of the Day and provide a Free Quick Start Guide to traders with ambitious income goals for our patent-pending NeuroTrading Method™.
Monthly Chart
The monthly chart highlights a powerful long-term climb that accelerated sharply from the 2020 lows. That entire advance is now retracing into several important levels while remaining inside a well-defined upward channel.
Price recently tagged the $62.56 region before pulling back. The first major support cluster begins in the low to mid 50s with $55.39 and $49.86 marking early reaction zones. A deeper pullback could reach the $44.13 to $39.26 area, which aligns with significant Fibonacci retracements and prior structural pivots.
Upside levels remain clear. A reclaim of the $59.75 zone could reopen the path to the recent peak and potentially the next extension target near $67.12.
With plenty of volatility traders have had much to be happy with and long term buy and hold investors have been greatly rewarded.
This kind of movement highlights why a cautious and well-informed approach is essential when evaluating a stock’s short to mid term outlook.
Weekly Chart
The weekly view reveals an even clearer channel structure. Price is pulling back from the upper boundary and is navigating a series of Fibonacci zones layered across short and long-term swings.
A sustained hold above $53.45 keeps buyers in control. Losing that level shifts focus to $46.86 and then the deeper Fibonacci confluence around $39.26.
On the upside, momentum requires a push through $59.75 to challenge the recent $62.56 high once again.
This is a textbook rising channel with defined boundaries and clean reaction levels that traders will be tracking closely.
It goes without saying though, 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 combined Fibonacci levels with key support/resistance zones and trend analysis to pinpoint potential price levels of interest and future targets.
With precision-focused charts like these, both traders and investors can confidently build and execute their strategies.
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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