March 24 Chart of the Day - 23andMe
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.
23andMe (ME) plunged 59% on Monday after filing for federal bankruptcy protection and announcing the departure of its CEO — a stunning downfall for a biotech firm that once captivated Silicon Valley and amassed 15 million customers.
The main reason this chart is highlighted today is to underscore a simple truth: price can move however it wants, at any time, for any reason. Additionally, when trading equities, we recommend using charts with at least 10 years of historical data and confirming that price has shown consistent, technically sound behavior over time.
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.
We have featured over 450+ 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 $273.60 all time highs (ATHs) back in 2021 price fell in dramatic fashion before seemingly finding a bottom just below $45 and zooming back up to $125.
When charts have little or no prior price history, the market often enters what we refer to as a “discovery phase,” where it begins to form new structure. In some cases—like this one—that discovery phase can last an extended period of time.
These are all valid price action movements, though they remain unpopular among investors.
Weekly Chart
On the weekly chart we can see where price set its ATH before quickly dropping back down ever since..
Why then when a company makes ATHs can price quickly drop back down?
For a variety of reasons including maybe this was a case of traders and investors taking some profits off the table.
We can see that technically speaking very little structure was created and then respected again which is the primary reason we prefer charts with much more historical data.
We once had a mentor that often said "Price can only go to zero..."
Sadly in this case, it may.
Only time will tell for sure what will happen next...
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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