Hi, I was looking at Jd.com chart on weekly and monthly timeframes and came across the lovely breakout from cup and handle formation on weekly TF.
We can see, it look about 8 to 9 months for the cup formation and another 6 months for the handle. Once the pattern was completed, we could assign an upward target to price on successful breakout. As shown in the chart the target price was an upward move of about 12.57 USD above breakout levels and we are nearly there with the price.
Its interesting how weekly charts reduce ambiguity and keep noise out of the market. Investing is a mindset game and not for the faint hearted. Once you have taken a position, then let it roll till it breaches your investment plan/ or there is merit in altering your initial investment rationale.
Hope this is of interest, please share a thumbs up if you like what you read and share a comment in case you have also seen any such patterns play out.
We can see, it look about 8 to 9 months for the cup formation and another 6 months for the handle. Once the pattern was completed, we could assign an upward target to price on successful breakout. As shown in the chart the target price was an upward move of about 12.57 USD above breakout levels and we are nearly there with the price.
Its interesting how weekly charts reduce ambiguity and keep noise out of the market. Investing is a mindset game and not for the faint hearted. Once you have taken a position, then let it roll till it breaches your investment plan/ or there is merit in altering your initial investment rationale.
Hope this is of interest, please share a thumbs up if you like what you read and share a comment in case you have also seen any such patterns play out.