CYBERTECH: Combining Cup and Handle with Ichimoku cloud
Sep 03, 2024
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 CYBERTECH
We published CYBERTECH analysis in "The Financial Waves Short Term Update" on 30th August 2024 which our subscribers receive pre-market every day. Check out below the detailed research report that we published.
CYBERTECH Daily chart as on 30th August 2024: (Anticipated)
CYBERTECH Hourly chart as on 30th August 2024: (Anticipated)
Wave Analysis as on 30th August 2024:
CYBERTECH showed sharp rally in the previous session of more than 13% in a single trading day! The stock has formed a cup and handle pattern. Price has closed above 218 which confirms breakout of the said pattern. On the hourly chart, ADX is suggesting strong momentum can continue in this stock as it is showing readings of 49.24 which is above 25. For now, one should use buy on dips approach for better risk reward.
Key Resistance: 250
Key Support: 215
Strategy: Use dips towards 225-227 as a buying opportunity for a move towards 250-255 levels as long as 215 holds on the downside.
CYBERTECH Daily chart as on 03rd September 2024: (Happened)
Happened:
The stock moved as we expected. CYBERTECH has 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 52-week high of 293 which is more than 30% in just 2 trading sessions from our mentioned levels.
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