The daily price is forming a textbook Cup&Handle formation. After the consolidation in the handle phase, the price is ready to go higher. The momentum will push the price and in my opinion, it is headed to test the all-time high in the 180$ area.
The Relative Strength Index broke above its trend line and is moving upward to push the price. Furthermore, when we plot different standard deviations and volume profile, it becomes clear that there is a lot of support and volume right below current price levels!
Good chances of working. We are sharing our idea as well:
ositrades
⋅
Agree with the overall scenario playing out, but don't think it will get to ATH, likely to reverse from .618 Fib (~$172). Market sentiment doesn't seem too aligned atm for an ATH. Also, not a cup and handle, me thinks...volume doesn't support the cup and handle thesis. GL with the trade!
RickHardyPro
⋅
@ositrades, Heyy, thank you for your comment! Well, I guess you are right haha. Well the fundamentals, look very good, also the overall industry is outperforming SPY by a big margin. I think the trend will continue in 2023 as well. I guess we will have to wait and see