SNDK, is that a cup?

O

omegapoint

On year chart, does that qualify as a cup w/o the handle ...yet? If so, how does it have to move from here to qualify as a cup with the handle?


thanks cordially,
 
Caveat emptor...

I am learning this stuff too...

It would be nice to see SNDK hold the 50 level support, and press toward 60 level for possible breakout.... that would look like a cup and handle, at least to me.

but in this market environment I would have short ideas too.

tech gurus feel free to critique...I'm open to learn.
 
hi flash,

here is SNDK chart with Cup and Handle pattern...

regards,
suri


Quote from Flash2007:

Caveat emptor...

I am learning this stuff too...

It would be nice to see SNDK hold the 50 level support, and press toward 60 level for possible breakout.... that would look like a cup and handle, at least to me.

but in this market environment I would have short ideas too.

tech gurus feel free to critique...I'm open to learn.
More...
 

Attachments

hi,

the handle part usually corrects between 23.6% to 38.3% of the depth of the cup.
In this case the correction is between 54 to 51.. Support band is at 50-51.. Anything below C & H is a failure pattern.

Regards,
Suri


Quote from omegapoint:

Are you saying here that for a handle to qualify this as cup with handle price will have to drop to 57?

cordially,
More...
 
You had better wear a cup if you are trading SNDK to avoid getting kicked in the nuts too hard. With AAPL selling off today, its pretty safe to say that the upgrade SNDK got from a third rate analyst won;t prop it up too much longer. But, i am not making a call on the future price of SNDK since I really have no idea.. Best!
 
thanks for the C/H tutorial.

Actually, I've already swept some profit off SNDK. So what are you trading thats so much safer in this
market?

cordially
 
hi,

the handle part usually corrects between 23.6% to 38.3% of the depth of the cup.
In this case the correction is between 54 to 51.. Support band is at 50-51.. Anything below C & H is a failure pattern.

Regards,
Suri




Suri,

I wonder if you have given any thoughts about the psychology behind a C/H formation. I like to look for these patterns. But, I always wonder why they ever work out at all. The fact that they do sometimes break must mean that either many eyes are watching or that just the right set of eyes is watching. What is your understanding? I have looked at your book/website and am interested in chart patterns. Does your book describe the underlying psychology of the many patterns you describe?

thanks
 
hi,

thanks for your post...

i have studied somewhere else about some of the pattern psychology.. but the book is written with a "trader perspective" of what to do next and 'how to' trade when the pattern emerges, in a practical way...

there may be references to psychology behind C&H patterns in William O'Neils' books..

regards,
suri

Quote from rphuga89:

Suri,

I wonder if you have given any thoughts about the psychology behind a C/H formation. I like to look for these patterns. But, I always wonder why they ever work out at all. The fact that they do sometimes break must mean that either many eyes are watching or that just the right set of eyes is watching. What is your understanding? I have looked at your book/website and am interested in chart patterns. Does your book describe the underlying psychology of the many patterns you describe?

thanks [/B]
More...
 
Wow


Thanks for the quick reply! I have read O'Neils' books and he does discuss a bit about what is happening in terms of sentiment
swings. Still, I have not read from anyone about the underlying workings that force the C/H breakouts to occur. Even when talking about Parabolic breakouts peaking and retreating back to 62 %Fib point, there has to be a reason why you would expect it to occur. I appreciate the "idea" of trading patterns and the "what to do's". I would like to know why it is possible to "trust" the patterns to work at all. I guess that is my quest. Do you need to know why they work or just accept that they do?

Perhaps somebody else here might offer their insight as well.



Thanks again
 
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