Price based out and was accumulated around $12 for over a year. Now we have a breakout of the cup and handle or frying pan with strong volume. Near term the first major area of resistance will be $115. At current prices this would be around 100% gain on the trade.
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Price has based nicely above our entry and now will have the power to move up to the next area of resistance around $112. I do expect a reaction and some selling here. However, if price can break into the $125 area on a second attempt, this will open up price moving to $230 resistance.
Trade active
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Price has reached the first target around $117. This represents almost 100% paper gain. If price can breach this level, it will open up $128 as the next area of supply. A break of that level takes us to $230 which is a good final target.