Gold spot : Cup target reached, achieving profit of +33% ROI
The Cup and Handle is a bullish continuation pattern in technical analysis that suggests a potential upward movement in asset prices. Formed over time, the pattern resembles the shape of a teacup, where the “cup” is a rounded bottom, indicating a gradual recovery after a downtrend or side waves.
Following the cup, a smaller dip called the “handle” occurs, representing a brief consolidation before the price rallies upward. Traders see this pattern as a signal of buying pressure gaining strength and often enter long positions during the breakout above the handle’s resistance, anticipating further price gains and momentum.
• Bullish Continuation: The cup and handle pattern is a bullish continuation pattern, suggesting that the uptrend is likely to resume after the pattern formation completes. This can present an excellent opportunity for traders to enter long positions.
• Clear Entry and Exit Points: The pattern provides well-defined entry and exit points, allowing traders to plan their trades precisely.
• The pattern was first described by William J. O'Neil in his 1988 classic book on technical analysis, How to Make Money in Stocks.
Buy at the breakout point of the handle price at 2,081.7 in March 2024, and sell at 2,783.65 in October 2024, achieving a potential profit of +33% ROI.
Following the cup, a smaller dip called the “handle” occurs, representing a brief consolidation before the price rallies upward. Traders see this pattern as a signal of buying pressure gaining strength and often enter long positions during the breakout above the handle’s resistance, anticipating further price gains and momentum.
• Bullish Continuation: The cup and handle pattern is a bullish continuation pattern, suggesting that the uptrend is likely to resume after the pattern formation completes. This can present an excellent opportunity for traders to enter long positions.
• Clear Entry and Exit Points: The pattern provides well-defined entry and exit points, allowing traders to plan their trades precisely.
• The pattern was first described by William J. O'Neil in his 1988 classic book on technical analysis, How to Make Money in Stocks.
Buy at the breakout point of the handle price at 2,081.7 in March 2024, and sell at 2,783.65 in October 2024, achieving a potential profit of +33% ROI.
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