October 2 Chart of the Day - Humana
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
Humana Inc. (HUM) shares plummeted the most in 15 years after the insurer suffered a drop in Medicare Advantage quality ratings, posing a drastic threat to revenue.
It's been nearly a year since we last featured their chart from a price action technical analysis perspective that identified $480 area as a level of interest to short.
Trading in the $220s earlier today don't you wish you followed us back then?
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 $571.30 all time high (ATH) back in late 2022 price fell dramatically over the couple of years all the way down below $220 earlier today.
Price could likely continue falling in search of a bottom with next potential destination down around a previous major support/resistance level $208.
Weekly Chart
On the weekly chart we can see with much more clarity the fall from ATHs, and sudden and tumultuous fall today.
Trading in the $220s earlier today price may be attempting to reach down to test a 15+ year trend line.
While $200 area is a potential downside target, technically speaking price could continue dropping much further below that level.
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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