Long

$MASI Cup with Handle Formation?

Updated

This one has been in a longer-term downtrend which broke out in March then failed. When looking at the weekly chart, it looks to me that this latest formation can be classified as a Cup w/Handle.

In addition to the Cup w/Handle formation it has come down, tested and bounced off the 40 Week MA (White line) which seems to have acted as support.

I had an alert on the higher downtrend line as a trigger for a breakout of the Cup w/ Handle formation. It triggered today so I have opened a ½ size position with a stop on a close below the 40 Week MA. Which is a 4% stop. Now I can only manage risk, but I will look to add on follow through. All TBD.

The chart I am using is the All-In-One LevelUp tool available here on TV. Check it out.

Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.

Note

Holding up well here.

Trade closed manually

I had a trailing stop on this due to possible fed volatility. It hit but I will look to add back a position if it sets up for me.

Note

I did make $2.15 per share so nice little trade.

Note

The original idea of a cup w/ handle formation does not seem to be working out. I have redrawn the upper trendline on what I thought to be a handle. This is still clearly in a down trend. I do however, like that the 40 week MA (white) is trending up. But it is not great that price is below. Non-the-less, I have an alert set of it breaks above that upper downtrend line. Let's see what happens.

jaxdog

Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.

I may or may not take any trade published and I am under no obligation to post any action or update to any idea.

Also on:

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.