September 30 Chart of the Day - EchoStar

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

Satellite TV provider DirecTV said Monday it will buy rival Dish Network (SATS), including Dish's streaming brand Sling TV, through a debt exchange transaction. Financial terms were not disclosed.

The deal, which is still subject to regulatory approval, is set to create one of the nation's largest pay-TV providers so we wanted to review their chart from a price action technical analysis perspective.

EchoStar portfolio companies include several familiar names.

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 $62.50 all time high (ATH) back in 2017 price fell dramatically over the next several years all the way down to the $9.53 in late 2023.

Since then price has bounced and is steadily making higher highs and higher lows.

Weekly Chart

On the weekly chart 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 $24.80 earlier today price may be attempting to retest the area from which it broke out from in the $20 area.

Price often, but not always, can retest 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?