DUOL Cup and Handle possible buyAfter rough couple of days of stock and major indices decline, we are seeing some buying power coming in to the markets.
DuoLingo, a platform made for learning languages with million of users worldwide, is forming a Cup and Handle, which once broken could bring good price rise.
What to watch:
1. Stock is regaining it's 50 day exponential moving average. Huge green bar for today seems pretty good, though, the buying volume is unusually small.
2. From bottom to top, once we imply the Fib retracement, we see a good price bounce out of 61.8% retraction.
3. This will be my first buy point, I will be waiting for today's close, and if the price remains as it is today, I will make my first buy. Price range from $219 and up.
4. Stop loss, since markets are still in a correction mode, will be set right below today's open price, sitting at around $205.51 price level.
5. Second buy will be once I see the break of Cup top, price level $246, if that break happens I would like to see a huge buying volume, larger than previous couple of days to be precise.
6. For second buy point, my stop loss, will most likely be put under 21EMA. I will surely update on this idea, as it develops.
Please make sure to do your own due diligence, do not invest your hard earned money without your own research.
