cup with handle pattern on the 1-hour time frameWelcome to today's analysis! Let’s break down the current price action on NASDAQ:NVDA and potential trade setups.
🌐 Overview: NASDAQ:NVDA Forming a Cup with Handle Pattern
📈 NASDAQ:NVDA is currently forming a cup with handle pattern on the 1-hour time frame. This pattern is typically bullish and could indicate a potential upward move.
🔄 Current Scenario:
NASDAQ:NVDA has formed a cup shape and is now developing the handle. The handle is a consolidation phase before a potential breakout.
The key level to watch is the resistance at the top of the handle. A breakout above this level could signal a bullish continuation.
🔑 Key Levels to Watch
🔴 Resistance: Top of the Handle (Needs breakout for continuation)
🟢 Target: Measured move equal to the depth of the cup, projected from the breakout point.
🛠️ Trade Scenarios
📌 Bullish Scenario (Breakout Above Resistance)
If NASDAQ:NVDA breaks and holds above the handle resistance, it could move toward the target level.
This breakout would confirm the cup with handle pattern and suggest a potential upward trend.
📌 Bearish Scenario (Failure to Breakout)
If NASDAQ:NVDA fails to break out and instead moves lower, it could retest the support levels within the cup or handle.
A failure to hold above key support levels could indicate a potential reversal or further consolidation.
📌 Conclusion
NASDAQ:NVDA is forming a cup with handle pattern on the 1-hour time frame. A breakout above the handle resistance could signal a bullish move toward the target level. If the price fails to break out, further consolidation or a retest of support levels may be necessary.
