A Cup and Handle can be used as an entry pattern for the continuation of an established bullish trend. It´s one of the easiest patterns to identify. The cup has a soft U-shape, retraces the prior move for about ⅓ and looks like a bowl. After forming the cup, price pulls back to about ⅓ of the cups advance, forming the handle. The handle is a relatively short period of consolidation. The full pattern is complete when price breaks out of this consolidation in the direction of the cups advance.
The price will likely continue in that direction though conservative traders may look for additional confirmation. The target can be estimated using the technique of measuring the distance from the right peak of the cup to the bottom of the cup and extending it in the direction of the breakout. A common stop level is just outside the handle on the opposite side of the breakout. The Inverted Cup and Handle is the bearish version that can form after a downtrend. TradingView has a smart drawing tool that allows users to visually identify this pattern on a chart.
Buy if it breaks the upper range in the channel, with SL as the lower of the channel,
sell if it break the lower range in the channel, with SL as the upper of the channel
OFSS broke multiyear high with good volume.
MAde very good pattern which is saucer shape. Saucer shape is highly bullish pattern.
1st target is 6930...which means 2400 appx tgt
Weekly TL breakout with good volumes. Retest of the breakout also done. With a SL of 250 weekly closing one can invest for target of 400 and above. A monthly close above 290 and fireworks should happen in the stock. A R:R of 1:4 also makes it a good bet.
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