September 4 Chart of the Day - T Rowe Price
Highly precise price action technical analysis offers the strongest trading edges and the most opportunities across the markets, making it the foundation of our reviews.
T. Rowe Price (TROW) surged 7% after news that Goldman Sachs had taken a position in the stock and then share price faded after today's open.
The buying enthusiasm pushed price directly into technical resistance, leaving traders to ponder whether this will be enough to break the downtrend or if the stock will soon slip back into the doldrums.
We'll review the chart from a price action perspective to identify potential levels of interest in both directions.
Consistent profitable investing and/or trading requires a structured, rules-based approach to price action analysis. Proven processes, disciplined risk-reward management, and precise execution create the foundation for long-term success.
When combined with powerful mental performance strategies, this method becomes the ultimate blueprint for thriving in any market, on any time frame.
As requested, this analysis will take a price action technical analysis approach to assess key levels and potential next price moves for this chart.
Since May 2023, we've showcased over 600+ Charts of the Day and provide a Free Quick Start Guide to traders with ambitious income goals for our patent-pending NeuroTrading Method™.
Monthly Chart
On the monthly chart, price has been in a prolonged decline from its 2021 peak near $224.
Price is now hovering around $111 and facing resistance in the $117–$127 zone, which aligns with prior breakdown levels.
The structure still favors caution, as a failure here could see the stock drift back toward the $93–$98 support area.
With plenty of volatility traders have had much to be happy with while investors seemingly have been disappointed.
This kind of movement highlights why a cautious and well-informed approach is essential when evaluating a stock’s short to mid term outlook.
Weekly Chart
On the weekly chart, the bounce looks impressive at first glance, but the resistance test is clear.
The falling wedge pattern frames the broader decline, with multiple failed breakout attempts in recent years.
For investors, the key question is whether Goldman’s buying sparks enough momentum to finally push through resistance, or if this rally stalls like the ones before it.
It goes without saying though, the only guarantee in the markets is that price cycles. It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.
Only time will tell for sure what price will do next...
We’ve combined Fibonacci levels with key support/resistance zones and trend analysis to pinpoint potential price levels of interest and future targets.
With precision-focused charts like these, both traders and investors can confidently build and execute their strategies.
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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