Tuesday, March 16, 2010

Cup with handle formation

i have found in the intraday banknifty future chart the 'Cup with handle formation' it is similar in appearance to Rounded Bottoms. Like rounded bottoms, the pattern includes an elongated U-shape.The pattern is similar in appearance to a coffee cup with a right-side handle, and indicates the potential for an uptrend.
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Usually this cup formation tend to happens in 1-2weeks time and it is a kind of cosolidation for the uptrend since the extended right side handle . But today i am surprised to see the same in intraday chart and the technicals worked as well in intraday too.
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