Updated: Jul 26
Chinese President Xi Jinping
5 days ago on 27 Jun, the Lion OCBC HST ETF broke out of its Cup & Hand bullish pattern 'neckline' around S$0.82.
Lion OCBC HS Tech ETF daily, 12-mth Chart
It has been quite a while since we talked about our favorite Cup & Handle pattern as it is a Bullish Continual Pattern or BCP.
For said bullish pattern to materialise, we now wish to look out for a potential backtest of price back to its breakout point (aka 'neckline'), before it moves towards its pattern measured target at around $1.
Of course, given the current global market weakness, it is always prudent to tighten your stop loss levels should bullish price action fails.
possible entry level - $0.82
pattern measured tgt - $1.00
possible cut loss level - $0.765
Reward to risk ratio is 3.3x, not too shabby.
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Chart Source: tradingview.com
Image source: theprint.in/world/xi-now-wants-to-make-china-a-tech-superpower-to-end-its-dependence-on-west/614164/