Peninsula Land Ltd - Cup with handle patternThe "Cup with Handle" pattern is a bullish continuation chart pattern that signals a potential continuation of an uptrend after a period of consolidation. When observed in Peninsula Land's stock chart, this pattern indicates the possibility of further price increases. Cup with handle pattern formation complete in 4 months
Key Characteristics:
Cup Shape: The pattern starts with a rounded "U"-shaped bottom, resembling a teacup. This indicates a period of consolidation where the price declines slightly, then gradually recovers to approximately the same level as before the decline.
Handle Formation: After the cup is formed, a smaller consolidation or slight pullback occurs, forming the "handle." This handle often slopes downward slightly, indicating a brief pause before the next move upward.
Breakout Point: The breakout occurs when the price moves above the resistance level formed by the highs on either side of the cup.
Implications for Peninsula Land:
Market Sentiment: The cup with handle pattern indicates a period of accumulation and investor confidence, suggesting that the stock is likely to continue its upward trajectory after the handle formation.
Entry Point: Traders often consider entering a long position once the price breaks out above the handle's resistance level 75, confirming the pattern.
Target Price:
Long above 75
SL below 63
Target 1 92, 100 and 120
