September 28 Chart of the Day - Thor Industries
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RV maker Thor Industries (THOR) reported better than expected earnings and their stock is trading up in after hours trading.
From a price action technical analysis perspective this comes as no big surprise.
On the monthly chart we can see that Thor has been using "big round number" 100 as sort of a "home base" that it has repeatedly returned to over the last several years.
And today's price action will push it back ups towards 100 yet again.
On the weekly chart we can see actionable levels of interest in both directions for traders and investors to develop their plans.
Most notable is a change control zone between the $110-117 area.
Change control zones are one of the five price action tools we teach when charting anything. By definition, they are an area that represents where neither the bulls nor bears are in charge. Price can slash though the zone with seemingly reckless abandon, price can respect the top or bottom from outside it or within it. Or, price can trade aimlessly sideways within it. When price breaks away from the zone it can often get drawn back to it like a magnet. And in this case we see all of the above are true.
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.
Take a look at the charts and let us know what you think.
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