March 6 Chart of the Day - Mitsubishi Financial Group
Precision oriented price action technical analysis by far provides the best edges and most setups for traders across the markets so that's what we use for the basis of our reviews.
Tokyo based Mitsubishi Financial Group, Inc. (MUFG) is a leading global financial firm with 2,700 locations in over 50 countries and regions. The company offers worldwide comprehensive and tailored financial solutions to their clients.
The company is reported to be one of Warren Buffet's top 30 holdings so for that reason alone they garner a lot of media attention. So we wanted to review their chart from a price action technical analysis perspective.
On the monthly view we can see quite a bit of volatility over the past two decades but during the past four years price seemingly made a definitive low down at $3.32 and has been making a series of higher highs and higher lows.
Funny how most of the "Oracle of Omaha's" holdings do that...
Trading around $10.80 earlier today, price is approaching an area around $12 where it could have a decision to make of whether the up trend continues, pauses, or potentially reverses.
Monthly
Looking at the weekly chart we can see with more clarity the higher highs and higher lows as price approaches some potential overhead resistance.
Armed with this precision oriented information 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.