Good morning all
One for the UPS
IOS - Mid 23.25p
Reason - Buyers are returning for the last couple days as the chart is looking ready for a push forward, company has cash of 27.9p and is in advanced stages of completing an acquisition
A CUP and HANDLE is taking place on the Chart. Is looking like the last stage of the Handle is ready to be form and the move could be fast.
Handle: After the high forms on the right side of the cup, there is a pullback that forms the handle. Sometimes this handle resembles a flag or pennant that slopes downward, other times just a short pullback. The handle represents the final consolidation/pullback before the big breakout and can retrace up to 1/3 of the cup's advance, but usually not more. The smaller the retracement is, the more bullish the formation and significant the breakout. Sometimes it is prudent to wait for a break above the resistance line established by the highs of the cup.
Duration: The cup can extend from 1 to 6 months, sometimes longer on weekly charts. The handle can be from 1 week to many weeks and ideally completes within 1-4 weeks.
is now on the move with several moves up by 0.25p
The earlier signs of a double bottom W is now looking much clearer, as the change of direction UPTREND is taking place