Potential Upward beakout with high profitability
A strong downward trend is shown on the Daily chart. A skew Cup with handle looks like its forming (inside the yellow rectangle). Tweezer bottoms have formed on the daily after hitting a trend line which indicates a potential reversal. Profit target is a Fibonacci retracement of 50% which also happens to be a level of support and resistance, and the depth of the cup. Stop loss is placed at a key level of support and resistance on the daily chart. On the weekly chart, selling is slowing down.
Enter your position in between the key levels of support and resistance in the event of a breakout. Cup with handle patterns have a high probability of reaching profit targets.
Enter your position in between the key levels of support and resistance in the event of a breakout. Cup with handle patterns have a high probability of reaching profit targets.
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