May 10 Chart of the Day - Ralph Lauren

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

Ralph Lauren is an American fashion designer, philanthropist, and billionaire businessman, best known for founding the brand Ralph Lauren (RL), a global multibillion-dollar enterprise.

One of his most popular brands is Polo.

The company has been making headlines the last quarter because of its innovative growth strategy all while seeing its price soar and flirt with all time highs (ATH) so we wanted to review their chart from a price action technical analysis perspective.

Monthly Chart 

On the monthly chart we can see that after setting its $192.03 all time high (ATH) over a decade ago price fell dramatically over time and seemingly found a bottom and bounced around the $62 area.

After a long consolidation period, price steadily made a series of higher highs and higher lows price before catapulting back up towards ATH levels earlier this year.

Since then, price has faded somewhat quickly.

Weekly Chart

 
On the weekly chart we can see with much more clarity the recent up trend and the series of higher highs and higher lows during the past year or so.

Trading at $167 earlier today price may have an upcoming decision to make in the form of previous support/resistance levels as well as a fast trending Advanced High to High Fibonacci observational zone that's held so far. (Gray zone between the orange 50% and 61.8% Fib retracements).

We've layered in traditional Fibonacci levels in both directions to use as potential 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?