EarningsBeats.com Digest for May 17, 2021
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Wednesday, May 19th at 5:30pm EST
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*Performance computed as of close, Friday, May 14th, 2021
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A Perfect Cup With Handle: Chevron Corp (CVX)
Technical patterns do not always work, but some simply look better than others. The cup with handle pattern should be obvious. It shouldn't be forced. I like a few key characteristics. First, I like the right side of the cup to at least equal the left side. A false breakout is ideal. Next, the subsequent pullback to establish the handle should be roughly 50% of the depth of the cup and testing the rising 20-day EMA would be
best. Check out this CVX chart:
To confirm this pattern, we'll need to see CVX break out on above-average volume. The beauty of technical patterns is that they provide measurements, or targets. In the case of a cup with handle pattern, a breakout should measure the depth of the cup. So for CVX, the cup is roughly 12.50 dollars (112.50 less 100.00). Upon breaking out above 112.50, this depth, or 12.50, should be added to that breakout level. Therefore, an initial
target would be 125.00.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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