October 21 Chart of the Day - Logitech
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
According to the Logitech International (LOGI) website, they are a Swiss company with a 40-year history focused on innovation and quality, their products are the point of connection between people and the digital world. They design software-enabled hardware solutions that help businesses thrive and bring people together when working, creating, gaming and streaming.
If you're like us you may think of them as a "device company" like for keyboards and mice... but are seemingly much more than that nowadays.
The company reports earnings after market close today so we wanted to review their 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
On the monthly chart we can see that after setting its $140.17 all time high (ATH) back in early 2021 price fell dramatically over the next couple of years all the way down under the $50 area before finding a bottom near $42.
Since then, price has squeezed back up over $100 before fading some.
Weekly Chart
On the weekly chart we can see with much more clarity the fall from ATHs, and subsequent rise back to the upside.
On the way down price consistently made lower highs and lower lows but that has changed to making higher highs and higher lows since setting a definitive bottom.
Trading around $90.50 earlier today price may be attempting to make it's next higher high...
The market is implying about a $8.80 move in either direction as marked on the weekly chart by this Friday October 25. Share price has risen during the week of earnings 6 of the last 8 quarters.
Could earnings be the catalyst that pushes price to its next higher high or will price continue fading?
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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