SHAK is looking to break the rim of a Cup pattern @ 63.80. A "cup & handle" pattern that formed after a prior uptrend is a trend "continuation" pattern.
However we are seeing only a cup without a handlde at this point. 2 things can happen: this break up can fail and it began to form a "handle" pattern instead. In any case I would long the break of the rim (and if this fail and handle forms, long the breakup again when that happens).
A successful breakup should bring us to the target of at least 78.50-81
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.
However we are seeing only a cup without a handlde at this point. 2 things can happen: this break up can fail and it began to form a "handle" pattern instead. In any case I would long the break of the rim (and if this fail and handle forms, long the breakup again when that happens).
A successful breakup should bring us to the target of at least 78.50-81
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.
Comment:
with a pretty decisive break up, will move the stop to several ticks below the horizontal "rim" support @ 63.80.