July 31 Chart of the Day - MetLife
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
MetLife (MET) is among the largest global providers of insurance, annuities, and employee benefit programs, with around 90 million customers in over 60 countries.
The company reports earnings after market close today and is testing all time highs (ATH) so we wanted to review their chart from a price action technical analysis perspective.
We have featured over 250 Charts of the Day since May 2023 and teach Price Action 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 $77.36 all time high (ATH) back in late 2022 price fell dramatically down to the $50 area before the bulls decisively stepped back in.
Since then, it's been all bulls with very little respite with price currently approaching ATHs again.
Weekly Chart
On the weekly chart we can see with much more clarity the dramatic fall from ATHs and where price briefly shot up near $75 then reversed starting a downward fall to the $50 area before bouncing back to the upside.
Price has been making a series of higher highs and higher lows and seemingly has a big decision to make.
Trading around $77.15 earlier today price has been flirting with breaking out and making new ATHs.
The market is implying about a $3.15 move in either direction as marked on the weekly chart by Friday August 9. Share price has risen the week after earnings 5 of the last 8 quarters.
Could earnings be the catalyst to set new highs or will price fade back to the downside?
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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