I do not see a true handle and did not want to fake one. lol
I drew a green line where I see the closest strong support.
This is an intra-year cup as the yearly high is 457.30 which would put long entry at 457.40 to clear resistance.
Head and shoulders that did not fall far below the neckline followed by an inverse head and shoulders that broke the neckline already at approximately 342.52.
Head an shoulders patterns do not do well in a bull market. Inverse head and shoulders do well in a bull market.
No recommendation.
This pattern needs to mature a bit. Price is over the 50 day moving average and the 50 is on the flat side. The 100 is a bit flat and the 200 is sloping up (long term). The 50 is over the 200 but is below the 100 which is on top of both the 50 and the 200. The 20 is sloping up and just crossed up through the 50 which is bullish. In a perfect world, moving averages should be in chronological order with the lowest moving average on top.
Hopefully this will form a horizontal consolidation zone to call a handle.
Technical analysis is great and I use it a lot. But it is hard for me to enter a position if I have no idea about why Mr. Market would move my way. He surprises me a lot.
I drew a green line where I see the closest strong support.
This is an intra-year cup as the yearly high is 457.30 which would put long entry at 457.40 to clear resistance.
Head and shoulders that did not fall far below the neckline followed by an inverse head and shoulders that broke the neckline already at approximately 342.52.
Head an shoulders patterns do not do well in a bull market. Inverse head and shoulders do well in a bull market.
No recommendation.
This pattern needs to mature a bit. Price is over the 50 day moving average and the 50 is on the flat side. The 100 is a bit flat and the 200 is sloping up (long term). The 50 is over the 200 but is below the 100 which is on top of both the 50 and the 200. The 20 is sloping up and just crossed up through the 50 which is bullish. In a perfect world, moving averages should be in chronological order with the lowest moving average on top.
Hopefully this will form a horizontal consolidation zone to call a handle.
Technical analysis is great and I use it a lot. But it is hard for me to enter a position if I have no idea about why Mr. Market would move my way. He surprises me a lot.
Note
also an inverse HS pattern which has broken neckline
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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.