ALGN WCA - Cup and Handle
Company: Align Technology Inc.
Ticker: ALGN
Exchange: NASDAQ
Sector: Healthcare
Introduction:
In today's analysis, we are examining Align Technology Inc. (ALGN) listed on the NASDAQ, a key player in the healthcare sector. The weekly chart shows us a potential bullish reversal in the form of a classic Cup and Handle pattern that has been taking shape over the past 448 days.
Cup and Handle Pattern:
The Cup and Handle pattern is a bullish continuation or reversal pattern that resembles a teacup with a handle on the right side. It is characterized by a rounded bottom, followed by a small pullback forming the handle.
Analysis:
Align Technology's previous trend was downward, depicted by the diagonal blue dashed resistance line. However, this downward trend appears to be interrupted by a Cup and Handle pattern, indicating a potential reversal to the upside. The horizontal neckline of the pattern is located at 367.91.
The 200 EMA, currently at 348.74, is located near this horizontal neckline, underscoring the importance of this zone. The price is above the 200 EMA, signifying a bullish environment. In case of a successful breakout above the neckline, a long position may be considered. The price target in such a scenario would be 561.52, representing an estimated rise of 52.58%.
Conclusion:
Align Technology's weekly chart presents a promising bullish reversal setup. This setup, if confirmed by a breakout above the neckline, could offer an attractive long trading opportunity.
Please remember, this analysis should form part of your overall market research and risk management strategy, and is not direct trading advice.
If you found this analysis helpful, please consider liking, sharing, and following for more insights. Wishing you successful trading!
Best regards,
Karim Subhieh
Disclaimer: This analysis is not financial advice and is intended for educational purposes only. Always conduct your own research and consult with a financial advisor before making investment decisions.
Ticker: ALGN
Exchange: NASDAQ
Sector: Healthcare
Introduction:
In today's analysis, we are examining Align Technology Inc. (ALGN) listed on the NASDAQ, a key player in the healthcare sector. The weekly chart shows us a potential bullish reversal in the form of a classic Cup and Handle pattern that has been taking shape over the past 448 days.
Cup and Handle Pattern:
The Cup and Handle pattern is a bullish continuation or reversal pattern that resembles a teacup with a handle on the right side. It is characterized by a rounded bottom, followed by a small pullback forming the handle.
Analysis:
Align Technology's previous trend was downward, depicted by the diagonal blue dashed resistance line. However, this downward trend appears to be interrupted by a Cup and Handle pattern, indicating a potential reversal to the upside. The horizontal neckline of the pattern is located at 367.91.
The 200 EMA, currently at 348.74, is located near this horizontal neckline, underscoring the importance of this zone. The price is above the 200 EMA, signifying a bullish environment. In case of a successful breakout above the neckline, a long position may be considered. The price target in such a scenario would be 561.52, representing an estimated rise of 52.58%.
Conclusion:
Align Technology's weekly chart presents a promising bullish reversal setup. This setup, if confirmed by a breakout above the neckline, could offer an attractive long trading opportunity.
Please remember, this analysis should form part of your overall market research and risk management strategy, and is not direct trading advice.
If you found this analysis helpful, please consider liking, sharing, and following for more insights. Wishing you successful trading!
Best regards,
Karim Subhieh
Disclaimer: This analysis is not financial advice and is intended for educational purposes only. Always conduct your own research and consult with a financial advisor before making investment decisions.
KSC
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.