FUTU gapped up sometime in September 2024 from the double digits to the triple digits. This gap and run was a result of a breakout of the saucer formation on the weekly chart.
Ever since then it has had a muted showing, trading in a channel with a resistance of about $130 and a support in the $90ish range.
Within this channel,
FUTU has recently formed an inverse head and shoulder pattern which by all indications points to an imminent breakout and subsequent bullish move. Fundamentally,
FUTU has consistently beat earnings and with rising revenue and some positive news from China, I expect this to easily scale $130 to $150. Price is riding well above the 50‑week EMA and the 200‑week SMA and JPMorgan nudged its target up to $170 in March, seeing “sustained monetisation of wealth‑management flows."I am looking at a more conservative first target zone at $160‑167 and an extension to $181. A weekly close back below $112 would negate the bullish pattern and put the 200‑week SMA (~ $96) back in play.
I am long on this and I expect TP around August ending to mid September.
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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.