November 19 Chart of the Day - Valvoline
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
Valvoline (VVV) came out with quarterly earnings of $0.46 per share, beating the Zacks Consensus Estimate of $0.44 per share.
Their share price promptly fell over 8.5% today in response...
Let's just review their chart from a price action technical analysis perspective.
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Monthly Chart
On the monthly chart we can see that since setting its $48.27 all time high (ATH) this past summer price fell back near previous ATHs and has been rangebound ever since.
During the past 4 years or so price has fluctuated wildly at times but has been making a series of higher lows and higher highs /aka/ an uptrend.
Weekly Chart
On the weekly chart we can see with much more clarity the long term uptrend and the fall from ATH back down toward the $40 area.
Now, seemingly price is in search of its next low and the investors likely have their fingers crossed that it is indeed another higher low.
While it's not the last chance for the Valvoline bulls they really don't need to see price break below the trend line and fall below the $33-$35 zone.
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.
