Cup and Handle Formation for a Possible Long Setup
Updated
What I see...
+ Cup & Handle
+ Significant accumulation since early April
+ Rising MACD
+ Very strong weekly chart with multiple bullish break-out signals
+/- Earnings ahead!
- Multiple gap-ups in the past few days
- -1d high breached Cup/Handle high but retraced
- Price approaching falling 50MA = potential resistance
- Lots of upper shadows throughout past week
Game Plan...
Long entry above -1d high
Stop at -2d low
Target at Low back in early March to fill the gap
+ Cup & Handle
+ Significant accumulation since early April
+ Rising MACD
+ Very strong weekly chart with multiple bullish break-out signals
+/- Earnings ahead!
- Multiple gap-ups in the past few days
- -1d high breached Cup/Handle high but retraced
- Price approaching falling 50MA = potential resistance
- Lots of upper shadows throughout past week
Game Plan...
Long entry above -1d high
Stop at -2d low
Target at Low back in early March to fill the gap
Note
+ Day-low confirms support level+ Low vol. day
- gap down and closed the day in the red
:: keeping the set-up for now; today's pull back may not be significant as vol. was low
Note
+ Low vol. day+ a blue bar on a down day
:: Keeping the setup
Trade active
+Trade trigger today+A very healthy gain!
Note
Moved Stop to Break-even.Trade closed: stop reached
Stopped out today at BE.
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