- The **cup** formation represents a rounded bottom, indicating a period of consolidation and accumulation.
- The **handle** represents a minor pullback or sideways movement before a potential breakout.
In this case, the breakout seems to have occurred, as indicated by the sharp upward movement following the handle. The target price is likely projected based on the depth of the cup, which is typically added to the breakout level.
The chart suggests a **Cup and Handle** pattern with a breakout. Based on standard technical analysis, the price target is typically measured by adding the depth of the cup to the breakout level.
From the chart:
- **Cup depth** (approximate) = ~3.2 EGP (from ~3.1 to ~6.3 EGP)
- **Breakout level** = ~6.3 EGP
- **Target** = **6.3 + 3.2 = ~9.5 EGP**
### Key Levels:
- **Entry**: Around 5.5 - 6.3 EGP (breakout confirmation)
- **Stop-loss**: Below ~5.0 EGP (previous resistance turned support)
- **First target**: ~7.5 EGP (psychological resistance)
- **Final target**: ~9.5 EGP
If volume remains strong and market sentiment is bullish, the price could reach the full target. However, always watch for pullbacks and retests.
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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.
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.