June 9 Chart of the Day - Novo Nordisk
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.
Novo Nordisk (NVO) has been shedding share price nearly as fast as its blockbuster drugs have been shedding pounds off patients.
After missing not once, but twice on CagriSema expectations — and facing intensifying competition in the weight loss and diabetes space — investors are finally waking up to a sobering dose of reality. The once untouchable leader in GLP-1 treatments suddenly looks vulnerable, and the price action is starting to reflect that shift in sentiment.
As always, the chart tells the real story. Let’s break it down.
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 $148.15 all time last year price fell dramatically, found a bottom near $60, and is attempting to make a comeback.
Price poked briefly below the bear/bull line before reversing back to the upside.
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 intense selling pressure before bouncing just below $60 back up to $75.
Dead cat bounce or real momentum?
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.
Because You Were Interested in today's FREE Chart of the Day...
You may also be interested in these other FREE resources!
- Struggling with Market Uncertainty? Here’s How to Trade with Clarity & Confidence with ChartPros Patent-Pending NeuroTrading Method™
- Free Guide: 6 Fibonacci Types that Create the Most Precise Price Targets and Reversal Zones
