The week ends with a pullback but technically the picture remains as expected for me.
Highlights:
- Cup and Handle Pattern in tact
- First Part of handle from .40-.59
- Settled in on lower volume at mid-point
- Old high .40-.42 area now 1st signs of resistance
- Close just below 18 day moving average
- 50 day moving average at .31 and moving up
- Money flow remains +
- Slow Stochastic below 25 but not crossed over yet
- Retrace hit at .59 and expected shorts and/or profit protected by shorter term traders down to .42
- Price stabilized and buyers stepped in carefully at .42
A down week but technically things all remain in tact in terms of trend. Expect some more consolidation next week and range bound from .40 to .50.
Technically looks like a good buy area for bulls and cover for shorts.
Drill Results from summer first appeared Aug 19 2022 and likely wait similar timeline in 2023. Handle pattern should play out for next few weeks so accumulate a bit more while sitting by the lake or pool !
Glta.
Enjoy the weekend
Live