works2020

DARE Cup w/Handle Pattern

Long
NASDAQ:DARE   DARE BIOSCIENCE INC
- 3 year cup pattern formed
- breakout confirmed Jan 19 and 20 with large volume
- 50% retracement after breakout is healthy
- Appears handle portion is forming now, can only continue to watch daily
- my analysis, DARE is forming another consolidation pattern (handle) prior to next move up
Trade closed manually: I closed this position on March 26th after it passed through the handle portion of the base.
Comment: 1. strong downward trend line broken
2. final shakeout prior to reversal
3. reversal follow-through day, above average volume supports reversal
4. 50EMA converging, look for support here. Support inline with cup formation
5. look for continued higher lows

2.5 year based forming, appears a reversal at todays price however DARE is also in a critical stage, here's my analysis.

On January 19, 2021, price closed at $2.92 after breaking out. After a breakout a new support line is drawn, my analysis shows the price point as $1.77. Between Feb 3 and March 5 the $1.77 range was tested and got a bounce however this was short lived. The price fell below $1.77, was tested again when this time the price fell below. My analysis $1.77 switched from support to resistance where the price has continued down to today’s closing price of $1.48. My analysis I’d like to see price move through $1.77 on strong volume where $1.77 becomes support again.

From the high of the last breakout to today’s price, DARE is down 53%. I believe the markets have been volatile lately contributing to the pullback, and maybe the reason the pullback is greater than 30%. A 30% retracement is often healthy, worth noting that 30% retracements are usually the case after a stock runs up for months, however it only took DARE 1 week to show a gain of 102%. Analysis, pullbacks are healthy, at this point I’m ok with the retracement.

It's critical the base continues to show higher lows, if healthy and still intact it needs to continue showing higher lows. The yellow area in my chart represents this.

Comments

ready for update
+1 Reply
"cup handle" you son of b I'm in lol
Reply
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