Finally testing 266 it's now confirmed a complete cup and a handle. I would consider 263 as the handle's actual breakpoint, hence - now getting a cup of Cappuccino to see you at 393 - 399 (given depth of the cup :)))))). Even though there is a possible pullback on earnings day, long term patience pays off!
PS: I bought the dip earlier this summer at 218 as it was way oversold, and I looked fwd to the pattern to complete.
PS: I bought the dip earlier this summer at 218 as it was way oversold, and I looked fwd to the pattern to complete.
Trade active
Embedded script suggests a H&S on daily chart. I would disagree, as the pattern hasn't formed yet, the price hasn't reached a neckline, so will see tonight's price action on earnings.Trade active
Sold at 269 on earnings roller coaster . Opened a new long at 260, suffered a short-term pullback. On short horizon I don't like this formation. There is clearly 270-272 resistance, so if it pulls back again it might go down to 245. I will monitor upper bound of this rising wedge
Note
It seems price broke rising wedge formation assumed mid Sep, thus, still keeping long & looking at possible resistance/ reversal levels. As a base I used the disastrous correction wave in Spring when the stoke gave up from 50 to 60 per cent of a preceding impulse wave i.e. from ATH 318 to local low 212.
Per fibo retracement levels it hit first notable resistance at fibo .5 around 265. Tested three four times Jul thu Aug. It also respected fibo .618 resistance at 278 end Sep - Oct (refer to blue rectangle drawings on the chart below). Now I would consider strong resistance and possible healthy pullback level at fibo .786 around 296
Note
I've also calculated additional resistance levels per fibo rule based on last month derived PIVOT price. Refer to latest pivot of 264 and extra resistance levelsi.e.
R1 at 279
I added R1.1. Fibo .5 = 283.20
R2 287.60 broken today
added R2.1. Fibo .786 = 293.20 !!!! This seems to be a strong resistance
R3 at 302
So, my assumption based on the above updates, is that there will be a strong supply between 293 and 296. Should 296 be broken then 300 is a piece of cake!
Trade closed manually
Closed on premarket at 375
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.