Want to review both the cup and handle pattern, and the wedge pattern for stock charts? By coincidence, both patterns appeared in the $CFVI chart. Turbo Trading's Head Trader, Robert Knight, discusses these chart patterns in this short video. CF Acquisition Corp VI "popped." A transcript appears below the video.
This is a video on the chart patterns for CFVI stock that just recently popped here. It is a SPAC and choppy, double-bottomed .... $11. But today (2/7/2022) just really going, mostly because nothing else is, I think. But to look at this from a trading point of view, we see here around 11:00 AM this big, six-minute spike up and came back, pulled back, held support on the 50-period moving average, and formed this cup and handle pattern.
And you can see right in here, it tried to go, and failed, and then pulled back. Again, [it] held this trendline that we had would have drawn. Now this would have been your first trend line like this and it failed there, but then you'd have to fan that out, like this. This is your top. So it was right at the apex of the wedge.
So not only do you have the apex of the wedge pop or drop, but you also have this cup and handle pattern, pop pullback. And right at the apex of the wedge, it popped out of the cup and handle. And we know that those kinds of breakouts are very strong and sure enough, it did pop up, pulled back, held the support, but look at the move from 1559 to 1750 and change.
So that really shows the power of this pattern, this cup and handle pattern, when it breaks out through the neckline. Yeah, especially in this case and also at the apex of a wage. So [a] very strong chart pattern there. And look what happens. Look at the result. Sure enough, it gets into a big, strong rising channel now.
And if you're in this trade, just stay in it . . .
Stay in the channel, stay in the trade. That's what I always say.
[A] strong chart.