In this blog post we will talk about, Price Action Trading of an Australian Share, viz. Cochlear Ltd as it is happening now. At the time of writing this post, Price Action of Cochlear Ltd has printed the level of 221.07. As of now the all time high for the Price Action of Cochlear Ltd stands at 225.45 printed on 11-Jul-2019.
Here we will analyze Price Action of Cochlear Ltd from the following perspective:
1. Identify Price Action Swings
2. Draw meaningful standard deviation channel lines
3. Identify market bias
4. Analyze divergence if any
Using the above four analyzing methods, let us do Price Action analysis of Cochlear Ltd by considering one at a time:
1. Identify Price Action Swings: In the monthly chart above, the last swing high was printed in the month of September 2018 and the last swing low was printed in the month of April 2019. Point to be noted here is, this last Price Action swing low is higher than the previous Price Action swing low which was printed in the month of November 2018. the in-between swing high printed by Cochlear was at 200.82 in the month of February 2019 whose high was broken in the month of May 2019.
2. Draw meaningful channel lines: The last effective standard deviation channel lines were drawn from the swing low of February 2014 till date. The big duration standard deviation channel lines were drawn from the swing low of April 2004 which was touched to the upper side on September 2018.
3. Identify market bias: From the above two analysis, we can make a statement that the market bias is in the up or long side.
4. Analyze divergence if any: There can be a possible divergence if this month is printing a swing high above the price action level of 221.8.
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