July 12 Chart of the Day - MillerKnoll
MillerKnoll (MLKN) investors are wondering if the stock has reached solid footing and found a bottom after dropping from its all time high of $51.25 to its recent $13.37 low over the last two years.
With earnings set to be released after the bell today, and price currently trading slightly above $16 management and investors are "hopeful."
From a price action technical analysis perspective there's still room to the downside in the form of structure that could pull price down even further at or below $13.
But for now, as price slowly moves upward, $20 would be a welcomed level. But as we know, price never moves in a straight line. In fact, price is more likely to cycle up and cycle down to get the its future destinations.
With that in mind, we've identified potential levels of interest in both directions for traders and investors.
So what's next?
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
Take a look at the charts and let us know what you think.
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