LITE is try to form a cup and handle as well if it forms a handle long entry would be a nudge over the yearly high.
The cup high minus the low gives you cup depth. 96.74 minus 69.15 = 27.59. Take this number and multiply it by 0.38, 0.62 and 0.79 to get targets one. Add it to your long entry level. Under the handle low, when a handle forms it would be a good place to place a stop. Divide 27.59 by 2 and you have mid cup. Under Mid cup is another place to place a stop. A handle low may be in the very beginning of formation at question mark, but not quite.
Symmetrical triangles are continuation patterns as a rule. Price moves between 2 converging trendlines sloping in opposite directions. This one is trying to break to the upside but until it does with a confirmed uptrend it is not by rules considered a break-out. This one had a throwback. Price went over long entry level then come back below long entry level in a quick move, within a few days. Had it broken long entry level and went up for an extended period of time, then came back down, it would be a pull back. Throwbacks can hurt performance. Pull backs are healthy. I guess time will tell if this stock can go up and stay up. It may have come back down to fill that gap it left behind
Not a recommendation.
The cup high minus the low gives you cup depth. 96.74 minus 69.15 = 27.59. Take this number and multiply it by 0.38, 0.62 and 0.79 to get targets one. Add it to your long entry level. Under the handle low, when a handle forms it would be a good place to place a stop. Divide 27.59 by 2 and you have mid cup. Under Mid cup is another place to place a stop. A handle low may be in the very beginning of formation at question mark, but not quite.
Symmetrical triangles are continuation patterns as a rule. Price moves between 2 converging trendlines sloping in opposite directions. This one is trying to break to the upside but until it does with a confirmed uptrend it is not by rules considered a break-out. This one had a throwback. Price went over long entry level then come back below long entry level in a quick move, within a few days. Had it broken long entry level and went up for an extended period of time, then came back down, it would be a pull back. Throwbacks can hurt performance. Pull backs are healthy. I guess time will tell if this stock can go up and stay up. It may have come back down to fill that gap it left behind
Not a recommendation.
Comment:
Oh..when calculating mid cup you have to add high minus low divided by 2 to the cup low=mid cup