Lulu was trying to form a Cup and Handle pattern and it appears another pattern has taken the arena..also was trading in ABC bullish pattern with a stop below C..which is way down there now )o:
If the handle low (HL) goes below Mid cup (MC) then the pattern is invalidated...
A harmonic pattern looks to be forming as well..if so this could go down some more..Harmonic patternse are traded using Fib levels..
This is one of those where long entry level is important for the cup and handle pattern or when stock is in an uptrend at least..some get in at the handle low...
Neutral until pull back is complete...possible support level right under 362ish and at top trendline of an ascending triangle at 352ish..also S at gap..Caution if major support levels are violated
Be safe/sometimes when price hits D, there can be a bloddy price reaction before the waves start all over again
If the handle low (HL) goes below Mid cup (MC) then the pattern is invalidated...
A harmonic pattern looks to be forming as well..if so this could go down some more..Harmonic patternse are traded using Fib levels..
This is one of those where long entry level is important for the cup and handle pattern or when stock is in an uptrend at least..some get in at the handle low...
Neutral until pull back is complete...possible support level right under 362ish and at top trendline of an ascending triangle at 352ish..also S at gap..Caution if major support levels are violated
Be safe/sometimes when price hits D, there can be a bloddy price reaction before the waves start all over again
Comment:
Crooked Ws can be bearish