September 23 Chart of the Day - Kinder Morgan
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
Kinder Morgan (KMI) is one of the largest energy infrastructure companies in North America. They have an interest in or operate approximately 79,000 miles of pipelines and 139 terminals. Their pipelines transport natural gas, gasoline, crude oil, carbon dioxide (CO2) and more.
The company is making headlines this week as billionaire Stan Druckenmiller added 2,872,665 shares of Kinder Morgan to his portfolio during the second quarter. That is in addition to an initial purchase of 3,880,500 shares in the first quarter.
Historically, the company has paid steady dividends which may be what attracted Drukenmiller so because of all this we wanted to review their chart from a price action technical analysis perspective.
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Monthly Chart
On the monthly chart we can see that after setting its $44.71 all time high (ATH) back in 2015 price fell dramatically over the next several years all the way down to the $9.42 back in 2020.
Since then price has bounced and is steadily making higher highs and higher lows.
Weekly Chart
On the weekly charts we can see with much more clarity the fall from ATHs, and the slow and steady climb back up. The bulls seemingly have recently broke out from a wedge formation in pursuit of their next higher high.
Trading around $22.08 earlier today price may be attempting to reach its next potential overhead resistance zone in the $22.50 to $23.50 area.
Price often, but not always, retests a breakout level before climbing higher.
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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