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May 28 Chart of the Day - Thermo Fisher Scientific

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

Thermo Fisher Scientific Inc. (TMO) is US based global supplier of analytical instruments, life sciences solutions, specialty diagnostics, laboratory, pharmaceutical and biotechnology services.  The company is in the headlines this week as it released its 2023 corporate social responsibility report that said yada yada yada...

After significantly rising after its earnings release in late April 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 will be launching a Price Action Trading Performance and Mindset Boot Camp starting June 5, 2024 to help traders become more confident and consistent with their trading results.

Monthly Chart 

TMO monthly price action technical analysis review

On the monthly chart we can see that after setting its $672.34 all time high (ATH) back in late 2021 price fell dramatically over time in search of a bottom and bounced around the $415 area about 6 months ago.

Since then, price quickly rose back up to the $600 area before running into some overhead resistance in the form of previous support/resistance.

Weekly Chart

TMO weekly price action technical analysis review

On the weekly chart we can see with much more clarity the dramatic fall from ATHs and the rapid rise so far this calendar year.

Trading at $570 earlier today price is essentially where it was about four months ago with a rapid rise above, below, and above again only to return in relatively short order.

We've layered in traditional Fibonacci levels in both directions 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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