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

November 1 Chart of the Day - Kraft Heinz

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Shares of Kraft Heinz (KHC) are trending up despite missing third-quarter revenue expectations. The company also announced a change in its 2023 fiscal year guidance, expecting organic net sales growth of 4-6% from the previous year, as well as establishing global leadership teams to expand growth.

Upon first glance of its monthly chart our first thought was who thought mixing cheese and ketchup was a good idea...

Since making $97.77 all time highs back in 2017 it was bears, bears, and more bears for this chart until price reached $19.99 during the spring of 2020 where buyers stepped back in driving price up to $45.

$45 was where the bears seemingly stepped back in and the buyers took their profits and ran as price has since drifted back towards $30.

On the weekly chart we can use price action technical analysis tools to identify potential price levels of interest in both directions.  Trading up about 3% today around $32.50 next upside target could be around $36 while a downside target could be $30 again.  A line in the sand last chance for the bulls seemingly could be in the $25 area.

And yes, this chart could go lower despite what investors or traders think.  As a former mentor used to frequently say "it can only go to zero and not below..."

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

Take a look at the charts and let us know what you think.  

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