FINCABLES: Combining Cup and Handle with Ichimoku cloud

FINCABLES: Combining Cup and Handle with Ichimoku cloud

While trading the market it is important to understand the behavior of the market. Simple strategies like price patterns can be combined with Ichimoku Cloud to achieve powerful results and we can predict price moves in stock with high accuracy. Check out how we recently identified one such breakout in FINCABLES

We published the FINCABLES analysis in "The Financial Waves Short Term Update" on 15^th  February 2023 which our subscribers receive pre-market every day. Check out below the detailed research report that we published.

FINCABLES Weekly chart as on 15th February 2023: (Anticipated)

FINCABLES Weekly chart as on 16th February 2023: (Happened)

Wave analysis as on 15th February 2023:

On the weekly chart, in the previous session prices formed a big bullish candle and also formed a Cup and handle pattern. A cup and handle is a technical chart pattern that resembles a cup and handle where the cup is in the shape of a "u" and the handle has a slight downward drift. A daily close above 603 will confirm breakout of cup and handle pattern.  Price is trading above the Ichimoku cloud which indicate that the short-term bias is bullish.

As shown on the hourly chart, we have shown ADX indicator which gives an indication if the stock is trending or in a trading range. The low readings of ADX indicates that the stock is in a range. The ADX of this stock is 55.38 giving an indication of a trending market. The reading above 25 means strong directional strength. Also, prices have given a breakout of the channel which acts as a confirmation for further bullish momentum to continue.

In short, trend for this stock is positive. A break above 609 can lift price higher towards 675-680 as long as 575 holds on the downside.

Happened:

The stock moved as we expected. FINCABLES have given breakout of Cup and Handle with huge volume which was a bullish sign. Stock opened gap up in the previous session, and the stock has achieved our target and moved way above it and made high of 700 which is more than 15% in a single day.

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