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October 16 Chart of the Day - ASML

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

ASML Holding (ASML) extended heavy losses after the company trimmed its guidance, igniting a semiconductor stock sell-off. Chipmakers lost more than $415B in market value including Nvidia (NVDA), Advanced Micro Devices (AMD), and Applied Materials (AMAT).

Today we'll review ASML's chart from a price action technical analysis perspective.

We have featured over 300 Charts of the Day since May 2023 and teach Price Action Technical Analysis Trading for FREE  to traders who join our Highly Rated Trade Room.

Monthly Chart 

ASML monthly price action technical analysis review

On the monthly chart we can see that after setting its $1109.51 all time high (ATH) earlier this summer price fell dramatically over the next few months all the way down under $680 earlier today.

After falling another 7% today price is in search of a definitive bottom.

Weekly Chart

ASML weekly price action technical analysis review


On the weekly chart we can see with much more clarity the fall from ATHs, and the relentless selling pressure.  The bulls seemingly have disappeared...

On the way down price crossed several potential support levels.

Trading around $679 earlier today price may be attempting to reach it's next potential support zone in the $650 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.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. 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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