ALGO ---> C&H pattern - DIRECTION 7$

Hello everyone !


Today the Black Cat Trader is analyzing ALGO based on a weekly chart. 


What we can see :

Pitchfork : Prices are stuck under the intermediary lower line of the pitchfork
Pattern : Prices are building what seems to be a beautiful Cup and Handle pattern.


What we can expect :

- If ALGO manages to break the median line of the pitchfork, we can expect prices to reach the intermediary upper line of the pitchfork first. A pull back on the neckline of the C&H would be perfect to send ALGO to the last upper line of the pitchfork.

- Note that the trend based fib extension gave us targets who match with our C&H and pitchfork final objectives.


Major resistance 1 : Median line of the pitchfork
Major resistance 2 : ATH

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Major support 1 : Lower line of the pitchfork
Major support 2 : Long term uptrend (Green)

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TP1 : 3,49$ (1.618)
TP2 : 5,23$ (2.618)
TP3 : 6,98$ (3.618)
TP4 : 8,72$ (4.618)



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