Cadila started Human trails of COVID-19 Vaccine. The daily chart shows classic Cup and Handle formation. Recent Close is above the Handle line. Hence backed by the news and supported by technical indicators, upmove expected.
Price levels are congested in a narrow zone, hence various support-resistance lines can be observed.
Great! Have a doubt about cup and handle pattern. The cup part could have been analyzed as rounding bottom too - isn't it?
finalyticsbreweries
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@opal_16, thanks a lot.
Rounding bottoms formations are formed at the end of a downtrend generally which signifies a reversal.
Hence in my opinion this could not be analyzed as rounding bottom. In this case we have a continuation of the trend so cup and handle would be more apt.