Long
Cup And Handle - Handle Broken
Opening a long for a few months at least on OCEAN.
PATTERN IS NOT COMPLETED UNTIL IT PASSES THE DOTTED LINE.
Temporary set up:
It's broken a reversal pattern - cup and handle. Specifically the handle part which is like a bullish flag.
The temp. setup is to take profit at the dotted line and open long position now.
Long term set up:
If it passes the dotted line, it may go up (to $0.50) and come back to retest the dotted line as is common for cup and handle.
If it does then, then it's confirmed breakout and we have great profits.
It it doesn't do that, it will just shoot up without coming back down.
both are win-win
PATTERN IS NOT COMPLETED UNTIL IT PASSES THE DOTTED LINE.
Temporary set up:
It's broken a reversal pattern - cup and handle. Specifically the handle part which is like a bullish flag.
The temp. setup is to take profit at the dotted line and open long position now.
Long term set up:
If it passes the dotted line, it may go up (to $0.50) and come back to retest the dotted line as is common for cup and handle.
If it does then, then it's confirmed breakout and we have great profits.
It it doesn't do that, it will just shoot up without coming back down.
both are win-win
Note
Not looking good.declining volume stuck in descending channel. Take a look at the volume. It needs one BIG push with an above average bullish candle to make a difference and confirm pattern break.
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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.