Rectangle Cup and Handle?
Updated
A rectangle is a continuation pattern and a consolidation pattern. Price can break up or down from a rectangle and Mid Rectangle can be used as a stop either way it goes.
I just noticed a possible cup and handle forming inside of this rectangle. I've never notice a cup and handle inside a rectangle before...lol..But break out for that pattern would be the top of the rectangle in an uptrend.
The targets are listed for the rectangle break out with long entry at top trendline at 233.8 and an uptrend and a down break out of bottom trendline of 181.75 with a downtrend in place.
The cup (If it is a cup, use your judgement on that one) has a depth of 68.30. That would yield some pretty good targets if it breaks out. I drew this yesterday and was writing the comment today so I had to refer back to the drawing to get numbers, so I literally just noticed the possible C&H pattern inside the rectangle. If it is a cup and handle, HL (handle low) looks to be around 219.3 and it wouold provide support. This will be interesting to watch and see what happens. Rectangles can be tough to break out of so time will tell. The top trendline is resistance but will be support if this breaks up.
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To get targets for cup and handle, you can take the cup depth and add it to rectangle break out. Multiply 68.30 and multiply it by .38, .62, .79% or the corresponding fib levels of .382, .618 and .786. For a bullish stock in a bullish market you can add targets 2 using 100% and fib levels above 100% of 1.27 and 1.618%.
I was just chatting with someone regarding this stock and decided to go ahead and post this chart.
Not a recommendation.
I just noticed a possible cup and handle forming inside of this rectangle. I've never notice a cup and handle inside a rectangle before...lol..But break out for that pattern would be the top of the rectangle in an uptrend.
The targets are listed for the rectangle break out with long entry at top trendline at 233.8 and an uptrend and a down break out of bottom trendline of 181.75 with a downtrend in place.
The cup (If it is a cup, use your judgement on that one) has a depth of 68.30. That would yield some pretty good targets if it breaks out. I drew this yesterday and was writing the comment today so I had to refer back to the drawing to get numbers, so I literally just noticed the possible C&H pattern inside the rectangle. If it is a cup and handle, HL (handle low) looks to be around 219.3 and it wouold provide support. This will be interesting to watch and see what happens. Rectangles can be tough to break out of so time will tell. The top trendline is resistance but will be support if this breaks up.
Link to Related Ideas
Select your idea or paste a URL to someone else's idea.
Type
This idea contains market analysis and is directly related to current market conditions. This could be a trade setup, buy/sell signal or an attempt to predict future price movements.
Investment Strategy
Category
Chart patterns
Select up to 3 categories that best describe your market analysis approach.
Tags
To get targets for cup and handle, you can take the cup depth and add it to rectangle break out. Multiply 68.30 and multiply it by .38, .62, .79% or the corresponding fib levels of .382, .618 and .786. For a bullish stock in a bullish market you can add targets 2 using 100% and fib levels above 100% of 1.27 and 1.618%.
I was just chatting with someone regarding this stock and decided to go ahead and post this chart.
Not a recommendation.
Note
I am not sure how the "Link to related ideas" and what is under it got on here..lol
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