How to read Cup and Handle pattern

Grasim daily chat

CUP WITH HANDLE PATTERN EXPLAIN WITH EXAMPLE:

You can see in GRASIM daily chat in above figures.

Thare is a pattern formation in the chat called Cup with Handle.

Grasim about to break this pattern.

What is Cup and Handle Pattern?

The "cup with handle" pattern is a technical chart pattern commonly used in stock market analysis. It is often considered a bullish pattern and is used by traders and investors to identify potential buying opportunities.

The cup with handle pattern typically occurs during an uptrend and consists of two parts: the cup and the handle. Here's a breakdown of each component:

Cup: The cup portion of the pattern resembles a rounded bottom or a "U" shape. It is formed as the stock price experiences a gradual decline followed by a gradual recovery. The left side of the cup represents the downward movement, while the right side represents the upward movement.

Handle: The handle is formed after the cup is completed. It represents a small consolidation or a minor pullback in the stock price after the cup formation. The handle is characterized by relatively lower trading volume and narrower price range compared to the cup. It should ideally form on the right side of the cup and slope downwards in a gentle and shallow manner.

So according to this pattern we can buy GRASIM above 1782 level and Target will be arround length of handle that is 1840.

And 2nd Target is length of cup that is 1880.

Thank you

Debadata jena.

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