duplicate post for Hotfire
quizzing the cup and handle pattern....
No
the prerequisite is a continuation in a bullish trend
meaning it should be breaking into new highs (no overhead resistance)
check here:
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:cup_with_handle
However that is the optimum scenario
a less likely prospect though still quite possible is a double top (thats at the 59c resistance) breakout as with MEL
So after this retrace and the bottom of the handle is reached
another breakout above the cup has a target of 90
PS
I enjoy your posts. thanks
chart for hotfire
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