Is the largest shipper on the planet about to send an important price message to the world? Joe Friday says yes!
The chart looks at Maersk, which is the largest shipper on the planet. Over the past 4-years, it has created falling channel (1), a series of lower highs and lows.
It peaked in December of 2019, several weeks before the S&P 500 peaked this year, then it declined more than 50%.
The rally off the bottom of the channel, now has it testing the top of this falling channel at (2).
Joe Friday Just The Fact Ma’am; An important resistance test is in play for this shipping company at this time. Bullish message to the world will be sent if it breaks out at (2). A negative price message would be sent if support breaks at (3).
Joe Friday says bulls and bears should keep a close eye on what Maersk does over the next few weeks!