February 12 Chart of the Day - Compass Minerals
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
Compass Minerals (CMP) is a leading global provider of essential minerals, including salt, sulfate of potash and magnesium chloride.
They also provide secure records storage in a retired section of an underground mine in the U.K. And they’re aiming to support the wildfire industry with long-term fire-retardant products. Products from Compass Minerals serve a variety of applications in consumer, industrial, chemical and agricultural markets.
By request, we'll review their chart from a price action technical analysis perspective.
We have featured over 400+ Charts of the Day since May 2023 and teach Price Action Technical Analysis Trading for FREE to traders who join our Highly Rated Trade Room.
Monthly Chart
On the monthly chart we can see that after setting its $98.10 all time high (ATH) back in 2011 price has fallen dramatically with wild volatile swings but for all intents and purposes is in search of a bottom.
This type of volatile up/down price action can be really tough on the buy and hold investors but at the same time can be a traders haven!
As a historical all time low the $13 level seems to be a level that price would need to break back above and hold before the bulls could think about a bottom being in place.
Weekly Chart
On the weekly chart we can see with much more clarity the fall from ATHs, and the continued selling pressure during the past few of years.
Trading around $11.58 earlier today price may wander around this level for quite some time before deciding its next move.
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 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.
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