Marsh & McLennan Companies (MMC) Weekly Chart Analysis
Company: Marsh & McLennan Companies
Ticker: MMC
Exchange: NYSE
Sector: Financial Services
Introduction:
Hello and thank you for taking the time to read my post. Today, we analyze the Marsh & McLennan Companies (MMC) chart on the weekly scale, focusing on a classic price pattern called the "Rectangle Pattern." Marsh & McLennan Companies is a global professional services firm operating in the financial services sector, traded on the NYSE under the ticker MMC.
Classic Rectangle Pattern:
The classic rectangle pattern is a chart pattern formed when the price of an asset moves between two parallel horizontal lines, representing support and resistance levels, over a period of time. In essence, it reflects a consolidation phase where the market is undecided about the direction of the trend.
Analysis:
In the case of MMC, we find a textbook example of a rectangular formation, with several points of contact to the upper and lower boundary. The resistance was at 177.32 and the support at 146.73. The price pattern has formed for 497 days, and now, for the first time, a weekly candle has closed above the resistance level of 177.32. The price is currently retesting the resistance as support, which provides an ideal entry opportunity. The price is clearly above the 200 EMA, implying a bullish environment.
Additional Analysis:
With the breakout above the resistance level, we should closely monitor MMC's price action for confirmation that the breakout is genuine and not a false breakout. A successful retest of the 177.32 level as support could signify that the breakout is valid, and we may expect the price to move towards the target at 203.53, which represents a ~15% price increase.
Conclusion:
The Marsh & McLennan Companies (MMC) weekly chart showcases a classic Rectangle Pattern, reflecting a consolidation phase in the market. A breakout above the resistance level and a successful retest as support indicate a bullish scenario. By closely monitoring the price action and support and resistance levels, traders can be better prepared for any potential price action in the future. As always, it's essential to consider risk management and proper position sizing when trading based on chart patterns.
Please note that this analysis is not financial advice. Always do your own due diligence when investing or trading.
If you found this analysis helpful, please like, share, and follow for more updates. Happy trading!
Best regards,
Karim Subhieh
Ticker: MMC
Exchange: NYSE
Sector: Financial Services
Introduction:
Hello and thank you for taking the time to read my post. Today, we analyze the Marsh & McLennan Companies (MMC) chart on the weekly scale, focusing on a classic price pattern called the "Rectangle Pattern." Marsh & McLennan Companies is a global professional services firm operating in the financial services sector, traded on the NYSE under the ticker MMC.
Classic Rectangle Pattern:
The classic rectangle pattern is a chart pattern formed when the price of an asset moves between two parallel horizontal lines, representing support and resistance levels, over a period of time. In essence, it reflects a consolidation phase where the market is undecided about the direction of the trend.
Analysis:
In the case of MMC, we find a textbook example of a rectangular formation, with several points of contact to the upper and lower boundary. The resistance was at 177.32 and the support at 146.73. The price pattern has formed for 497 days, and now, for the first time, a weekly candle has closed above the resistance level of 177.32. The price is currently retesting the resistance as support, which provides an ideal entry opportunity. The price is clearly above the 200 EMA, implying a bullish environment.
Additional Analysis:
With the breakout above the resistance level, we should closely monitor MMC's price action for confirmation that the breakout is genuine and not a false breakout. A successful retest of the 177.32 level as support could signify that the breakout is valid, and we may expect the price to move towards the target at 203.53, which represents a ~15% price increase.
Conclusion:
The Marsh & McLennan Companies (MMC) weekly chart showcases a classic Rectangle Pattern, reflecting a consolidation phase in the market. A breakout above the resistance level and a successful retest as support indicate a bullish scenario. By closely monitoring the price action and support and resistance levels, traders can be better prepared for any potential price action in the future. As always, it's essential to consider risk management and proper position sizing when trading based on chart patterns.
Please note that this analysis is not financial advice. Always do your own due diligence when investing or trading.
If you found this analysis helpful, please like, share, and follow for more updates. Happy trading!
Best regards,
Karim Subhieh
KSC
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