Bullish Setup - Cup & Handle
Why I Like It:
1) Retracement to cup bottom isn't TOO deep (11% off of resistance highs)
2) Handle retracement isn't too steep or far ($490) from cup resistance levels ($505)
3) Good bullish trend has been established leading into consolidation (20 day > 50 day > 200 day)
4) This feels like a good 'cool down' as price is reverts back to 20 & 50 day SMAs before next move
Price Pattern Details:
Cup Height: ~$50
Cup Resistance: ~$505
Ideal Breakout Target: ~$555
More Realistic Target: $530 (50% of Cup Height)
Bullish above $489 (handle support)
Why I Like It:
1) Retracement to cup bottom isn't TOO deep (11% off of resistance highs)
2) Handle retracement isn't too steep or far ($490) from cup resistance levels ($505)
3) Good bullish trend has been established leading into consolidation (20 day > 50 day > 200 day)
4) This feels like a good 'cool down' as price is reverts back to 20 & 50 day SMAs before next move
Price Pattern Details:
Cup Height: ~$50
Cup Resistance: ~$505
Ideal Breakout Target: ~$555
More Realistic Target: $530 (50% of Cup Height)
Bullish above $489 (handle support)