October 18 Chart of the Day - CVS
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
CVS Health Corp (CVS) extended heavy losses after the company withdrew its profit guidance and named a new CEO.
According to published reports, CVS said it expected adjusted profit of $1.05 to $1.10 per share for the quarter ended Sept. 30 compared to analysts' estimates of $1.70...
Yada, Yada, Yada...
The only thing we care about is their chart's price action technical analysis!
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
On the monthly chart we can see that after setting its $113.65 all time high (ATH) back in early 2022 price experienced extreme volatility swings since then flirting with a technical line in the sand support level in the $52 area multiple times.
This is the most important level on the monthly chart for us and serves as a hypothetical bull/bear line.
Investors and traders can anticipate this level to continue serving as somewhat of a price magnet from a higher time frame perspective.
Weekly Chart
On the weekly chart we can see with much more clarity the fall from ATHs, and the relentless and wild price swings both up and down.
On the way down price has consistently made lower highs and lower lows.
Trading around $59.70 earlier today price may be attempting to make it's next lower low...
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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