November 18 Chart of the Day - Wix
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
Wix.com LTD (WIX) is an Israeli software company, publicly listed in the US, that provides cloud-based web development services.
It offers tools for creating HTML5 websites and mobile sites using online drag-and-drop editing.
Along with its headquarters and other offices in Israel, Wix also has offices in Brazil, Canada, Germany, India, Ireland, Japan, Lithuania, Poland, the Netherlands, the United States, Ukraine, and Singapore.
The company is scheduled to report earnings Wednesday before market open and while it's share price is well off its all time highs (ATH) it has been climbing steadily the past several quarters so we wanted to review their chart from a price action technical analysis perspective.
We have featured over 300+ Charts of the Day since May 2023 and teach Price Action Trading for FREE to traders who join our Highly Rated Trade Room.
Monthly Chart
On the monthly chart we can see that since setting its $362.07 all time high (ATH) back in 2021 price fell dramatically over the next 18 months before establishing $53.12 as a definitive bottom in early 2022
Since then, price has been making a series of higher highs and higher lows /aka/ an uptrend.
Weekly Chart
On the weekly chart we can see with much more clarity the fall, bottom, and subsequent price ascent. And in this case price is currently roaring back up towards some potential over head resistance in the form of a bear swing 50% Fibonacci retracement level as well as previous support/resistance in the $200-$210 area.
Additionally, there's a previous support/resistance level in the $196 area that price will need to contend with first if it decides to make it up there.
Should price decide to fade from its current levels we've used a technique known as "Fibonacci Sequencing" to identify potential pull back long levels of interest.
Could earnings be the catalyst to drive price to a new higher high of this current uptrend?
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.
- 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.
