The price bounced from 57.00 and 59.00 levels. There is possible the chart to complete the cup & handle chart pattern. We have buy opportunity. If the market moves above 69.00 resistance level , it will be a signal of futher upward movement. Order execution only occurs if the price breaks the pattern’s resistance. Alternatively, wait for the price to close above the upper trend line of the handle, subsequently place a limit order slightly below the pattern’s breakout level, attempting to get an execution if the price retraces. Stop loss orders may be placed either below the handle (~ 57.00 level) or below the cup (~ 54.00 level) depending on the trader’s risk tolerance and market volatility.
Trade active
Price has broken resistance levelNote
If the price moves above the previous high at 69.00 level, it will be a confirmation of further upward movement. Trade closed: target reached
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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.