June 25 Chart of the Day - Coty
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
Coty Inc. (COTY) maintains robust brand portfolio strength and demonstrates significant momentum in the global beauty market.
The beauty products provider continues to progress with its strategic initiatives, which are proving effective. Through strategic partnerships, the company is expanding its market presence so we wanted to review their chart from a price action technical analysis perspective.
We have featured over 220 Charts of the Day during the past year 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 $32.72 all time high (ATH) back in 2015 price fell dramatically over the next several years melting through many potential support levels in "discovery mode" searching for a new bottom..
The bulls stepped in around the $2.65 level in 2020 and price rapidly ascended roughly 5X to the $11 area before being forcefully rejected back down towards $6 area then rising back up towards the $12 area /aka/ a price cycle.
Weekly Chart
On the weekly chart we can see with much more clarity the dramatic fall from ATHs and where price briefly shot up over $32 then reversed starting a downward cycle.
Closing at $10.05 today price has been attempting to make a series of higher highs and higher lows.
Price is approaching a multi year trend line seemingly with a potential decision to make. Could this be level that price creates its next lower high or will price fade back to the downside again?
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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