June 3 Chart of the Day - Thermo Fisher
Highly precise price action technical analysis offers the strongest trading edges and the most opportunities across the markets, making it the foundation of our reviews.
Thermo Fisher (TMO) has stumbled after 3 of its last 4 earnings reports and is down more than 6% since the most recent one. Add insider selling to the mix, and it’s no surprise price remains stuck in a tug-of-war zone.
There’s a reason it’s hovering near a critical bull-bear line—so we’re turning to the chart for clues only price action can reveal.
Let’s see what the market’s really saying.
Consistent profitable investing and/or trading requires a structured, rules-based approach to price action analysis. Proven processes, disciplined risk-reward management, and precise execution create the foundation for long-term success.
When combined with powerful mental performance strategies, this method becomes the ultimate blueprint for thriving in any market, on any time frame.
As requested, this analysis will take a price action technical analysis approach to assess key levels and potential next price moves for this chart.
Since May 2023, we've showcased over 500+ Charts of the Day and provide a Free Quick Start Guide to traders with ambitious income goals for our patent-pending NeuroTrading Method™.
Monthly Chart
On the monthly chart we can see that after setting its $672.34 all time back in 2021 price fell dramatically, launched back to the upside before getting firmly rejected and pushed down even further.
Most recently, price has been flirting with a bear/bull line in the $400 area.
This kind of movement highlights why a cautious and well-informed approach is essential when evaluating a stock’s short to mid term outlook.
Weekly Chart
On the weekly chart, we can see with much more clarity the selling pressure during the past several weeks with price making a series of lower highs and lower lows.
One could say that a "bull flag" pattern has been forming and could continue to fill out.
A bull flag pattern is a bullish continuation pattern that forms after a strong upward price movement (the “flagpole”), followed by a brief period of consolidation that slopes slightly downward or sideways (the “flag”). It reflects a pause in momentum before the next potential leg higher.
If the $400 area fails price may want to ultimately visit the $340 area. But the bulls are sure to continue fighting around the current area on the chart.
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 combined Fibonacci levels with key support/resistance zones and trend analysis to pinpoint potential price levels of interest and future targets.
With precision-focused charts like these, both traders and investors can confidently build and execute their strategies.
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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