November 7 Chart of the Day - Hershey
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
The Hershey Company (HSY) reported poor third-quarter 2024 results, with the top and bottom lines falling year over year.
Quarterly earnings and net sales missed analyst estimates as the company is navigating a challenging consumer environment and high cocoa prices.
Share price is down over 12% since our last price action technical analysis review of their chart back in March 2024 now reaching potential and anticipated price levels of interest.
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Monthly Chart
On the monthly chart we can see that price is well off its $276.88 all time high (ATH) set back in early 2023.
Price faded fast from that lofty level and to no surprise found its way back to previous ATH levels in the $180 area but has now broken down even below there.
Price seemingly could be heading towards previous ATHs in the $160 area set back in 2020.
Weekly Chart
On the weekly chart we can see with much more clarity the fall and subsequent consolidation before price resumed its downward move.
Trading below $175 earlier today, the $160 area represents a potential major "line in the sand" so to speak but has likely has ample time and distance before deciding to go there or not.
In fact, it's possible price could receive a relief bounce at its current levels supported by a bull 61.8% Fibonacci and previous support/resistance in the area.
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.
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