November 8 Chart of the Day - Embraer
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
Embraer SA (ERJ) the 3rd largest commercial jets manufacturer topped Q3 earnings estimate and its stock is soaring today up nearly 7% to $37.50
When we last featured Embraer back in August 2023 price was trading at $14.33, don't you wish you followed us then?
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 $52.83 all time high (ATH) back in 2007 price fell dramatically over the next decade and a half before establishing $3.96 as a definitive bottom in late 2020.
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 78.6% Fibonacci retracement level as well as previous support/resistance.
Additionally, there's a long term trend line that could also pose as a potential obstacle should price reach the $43-$45 area.
Should price decide to fade from its current levels we've used a technique known as "Fibonacci Sequencing" to identify potential "touch and go" levels.
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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