December 9 Chart of the Day - Mondelez International
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
Mondelez International (MDLZ) is in the headlines today as reports have surfaced that it's exploring an acquisition of iconic US chocolate maker Hershey Co. (HSY), in a potential deal that would create a food giant with combined sales of almost $50 billion.
Hershey's share price jumped over 10% on the news while Mondelez fell about 2%.
Mondelez has many brands already that you may be familiar with including:
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Monthly Chart
On the monthly chart we can see that after setting its $78.59 all time high (ATH) in early 2023 price initially fell dramatically before becoming somewhat range bound the past 18 months or so.
Price is seemingly closing in on a big potential decision zone in the $55-$60 area.
Weekly Chart
On the weekly chart we can see with much more clarity the fall from ATHs, and subsequent volatility with price ultimately making a series of lower highs and lower lows so far.
Closing at $61.44 today price may be attempting to reach its next support zone with a multi year trend line as a potential target.
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.
