This difference is then added to the breakout price (subtracted in the case of a regular head and shoulders pattern). When those first two triangles form after reaching similar high-price points, it signifies that a breakout is likely. To identify this stock chart pattern, place a horizontal line at the price peaks. The breakout price is right around $113.25, giving us … ... Rounding Bottom. The rounding bottom, head and shoulders patterns, inverse head and shoulders, reverse head and shoulders, triple bottom, cup and handle and the descending triangle, are also valuable. The figure on the right shows an example of a cup with handle chart pattern. The bump-and-run reversal bottom is a chart pattern that is a surprisingly good performer in both bull and bear markets. A breakout could send this to Mid 50s in my opinion short term. It has a low break even failure rate and high average rise after the breakout. Cup with Handle: Example. Set a base and has been trading sideways for some time. RSI has been chilling out as well which is a good sign. The ascending triangle will be a valuable pattern in your trading arsenal. CSCO looks to be setting up a nice bull flag to go long. If you wait for a breakout, the failure rate drops from 19% to … This is known as the resistance line. Discovered by Thomas Bulkowski in 1999. Not a bad idea to start a small position now and scale in on confirmation of a breakout.
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