The stock has formed a decent bottoming pattern on above average volume which has a measured move target that could see it back at the gap left behind after the November 2022 sens. (R184)
Hurdles in between will be R156.50 & R165 levels
The cup & handle pattern will be in play while price stays above R136.
A cup and handle pattern is a bullish continuation pattern that resembles a cup and handle where the cup is in the shape of a “U” and the handle has a slight downward drift. The right-hand side of the pattern typically has low trading volume. It can be used as an entry pattern for the continuation of an established bullish trend. The cup should not be overly deep, and the handle should not be overly long or too short. The pattern is considered to be confirmed when the price breaks out of the handle in an upward direction.
Hurdles in between will be R156.50 & R165 levels
The cup & handle pattern will be in play while price stays above R136.
A cup and handle pattern is a bullish continuation pattern that resembles a cup and handle where the cup is in the shape of a “U” and the handle has a slight downward drift. The right-hand side of the pattern typically has low trading volume. It can be used as an entry pattern for the continuation of an established bullish trend. The cup should not be overly deep, and the handle should not be overly long or too short. The pattern is considered to be confirmed when the price breaks out of the handle in an upward direction.