Sofi seems to have found a bottom and broke out of the descending broadening wedge with cup and handle pattern. Technically speaking cup and handles are continuation patterns and they are normally found on uptrend. Hence some may want to call this a round bottom or saucer bottom. So call it what you want.
If the price can break above $8.50 area which is above the lip area of the cup or saucer, we can see the price move up to $10.58 which is the 200 DMA area.
However there is a risk that the pattern fails and we could revisit $6 area.
Target 1 - $8.50
Target 2 - $10.58 (200 DMA)
Risk - Retreat to $6
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Disclaimer: Not an investment advice.
If the price can break above $8.50 area which is above the lip area of the cup or saucer, we can see the price move up to $10.58 which is the 200 DMA area.
However there is a risk that the pattern fails and we could revisit $6 area.
Target 1 - $8.50
Target 2 - $10.58 (200 DMA)
Risk - Retreat to $6
If you like this post, follow me and subscribe to my posts for more technical analysis charts (FREE).
------------------------
Disclaimer: Not an investment advice.
I am not a licensed professional. None of the posts that I published are investment advice. Do your own research.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I am not a licensed professional. None of the posts that I published are investment advice. Do your own research.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.