Cup and Handle patternThis chart is a little more complicated. There are several aspects to it that make it interesting. First is the possible long-term trend line bounce that occurred last week. When looked at from a weekly basis, it seems to be posting a Bullish Pennant and is also coming out of the oversold territory from its indicators. When looked at from a daily perspective, We can possibly interpret this as a Cup and Handle formation with the handle breakout occurring last Friday. The interpretation of a chart is often biased to what the interpreter is looking for. In my case, I am always looking for swing trades so I'm seeing more the Cup and Handle formation breakout than the Bullish Pennant on the weekly chart.
Cup and Handle measured move breakout would place the target at about $3.14 giving us a potential for 15.8% gains from the current share price. Which chart pattern do you see? Practice and develop your skills in identifying chart patterns without having to draw lines on the charts. This will help you to no end when doing your weekly scans and quickly spotting the types of plays you like to trade.
See chart and other weekly picks here
https://us1.campaign-archive1.com/?u=4d6d491aea8e01d93d8a1f390&id=0853829514#BTO
Cheers!