FREE Guide: 6 Fibonacci Types that Create the Most Precise Price Levels, Targets, and Reversal Zones

June 13 Chart of the Day - CoStar Group

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

CoStar Group, Inc. (CSGP) is US-based provider of information, analytics, and marketing services to the commercial property industry in the United States, Canada, the United Kingdom, France, Germany, and Spain. 

The company has been in the headlines recently as a few major shareholders have adjusted their holdings downward while others have added to their position according to published reports citing SEC filings.

Because of these filings and by request we wanted to review their chart from a price action technical analysis perspective.

We have featured over 220 Charts of the Day during the past year and teach Price Action Trading for FREE  to traders who join our Highly Rated Trade Room.

Monthly Chart 

CoStar Group monthly price action technical analysis review

On the monthly chart we can see that after setting its $101.05 all time high (ATH) back in October 2021 price fell dramatically over the next several months melting through many potential support levels.

The bulls stepped in around the $50 level in February 2022 and rapidly ascended making a series of higher highs and higher lows back up towards ATHs before being forcefully rejected just a tad over $100.

Weekly Chart

CoStar Group weekly price action technical analysis review

 
On the weekly chart we can see with much more clarity the dramatic fall from ATHs and where price tagged $50 which reversed the downward cycle.

Trading at $75.78 earlier today price has been making a series of higher highs and higher lows since bouncing at $50 which is a normal and customary price action behavior.

Price seemingly is nearing an area on the chart ($74.69) that could possibly be the next higher low in the recent uptrend.  While it's not the last chance for the bulls to step in to push price back higher it is an area of interest where support/resistance, trend and a 50% bull Fibonacci level essentially all meet together.

But, only time will tell for sure what price will do next...

We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price 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? 

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.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. 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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