DHT forming large cup and handle? Potential target of USD 12,-
So the first thing I want to show you is this:
In the 'old' days, this stock was trading at well over USD 42,- and since then has made a free fall to the range where it is now. This means relatively little resistance once we break above the top of this cup around 8.90. First stop only at 12 and second at around 18. So pretty interesting on the up side.
Now for the Cup and Handle itself.
The rule of thumb is that the handle cannot exceed about 50% of the total height of the cup. Which it has in this case. But I'm not totally in despair. But it is why I'm keeping a very close eye on DHT getting above 6.0.5-6.10 again (ideally 6.51, the current level of the 50MA on the weekly chart). If it does then the cup might still be alive. Confirmation of the cup once it can break above 8.90.
If any interesting buying opportunity in between those numbers, I'll try to make a further update.
In the 'old' days, this stock was trading at well over USD 42,- and since then has made a free fall to the range where it is now. This means relatively little resistance once we break above the top of this cup around 8.90. First stop only at 12 and second at around 18. So pretty interesting on the up side.
Now for the Cup and Handle itself.
The rule of thumb is that the handle cannot exceed about 50% of the total height of the cup. Which it has in this case. But I'm not totally in despair. But it is why I'm keeping a very close eye on DHT getting above 6.0.5-6.10 again (ideally 6.51, the current level of the 50MA on the weekly chart). If it does then the cup might still be alive. Confirmation of the cup once it can break above 8.90.
If any interesting buying opportunity in between those numbers, I'll try to make a further update.
