Technical analysis by xazzam about Symbol SUI: Buy recommendation (3/27/2024)

Stages of cup formation: It consists of two sides or peaks 1- The left side: It represents the beginning of the pattern and is formed due to the rise in the price of the asset with the aim of discharging after an accumulation phase on the asset, then it begins to decline as a correction of approximately 50% of the first rise. 2- The right end: The origin rises to form the right end of the cup and is equal to the left end or slightly higher than it. After the right end is formed, the cup is complete. It helps traders find long opportunities in the market as it forms during an ongoing uptrend. This pattern appears when selling pressures exceed buying pressures, resulting in a temporary, weak downtrend followed by a stronger uptrend. If the cup and handle pattern is confirmed, it is usually followed by a bullish price move higher. You can choose a target price based on the cup size, but it becomes less clear what will happen after the initial breakout of the cup and handle pattern. To get a better idea of ​​what will happen after the cup and handle, zoom out and look at a larger time frame. Is there a long-term up or down trend? Has volatility increased or decreased? Answering these questions can help you if you plan to hold positions after the initial breakout.