Price has been well supported off the the 200dma and channel bottom and is reaching an area of interest.
The recent cup and handle may bode well for the bulls to attempt a break out through R35-36 else a fade trade may result.
The cup and handle pattern is a bullish continuation pattern that looks like a cup and handle where the cup is in the shape of a “U” and the handle has a slight downward drift. It usually occurs when there is a decline in the price of an asset, followed by a stabilizing trading period, and finally, a rally that is approximately equal to the earlier decline. The price of the asset moves sideways or drifts downwards within a set channel.
The recent cup and handle may bode well for the bulls to attempt a break out through R35-36 else a fade trade may result.
The cup and handle pattern is a bullish continuation pattern that looks like a cup and handle where the cup is in the shape of a “U” and the handle has a slight downward drift. It usually occurs when there is a decline in the price of an asset, followed by a stabilizing trading period, and finally, a rally that is approximately equal to the earlier decline. The price of the asset moves sideways or drifts downwards within a set channel.