Heritage Foods Ltd.Heritage Foods Ltd.
CUP chart pattern
Broke the neckline
Monthly and weekly RSI is above 60, and daily taking support on 60
It looks like 3rd wave as per Elliot Wave analysis. If it is a 3rd wave, the 4 wave should be a corrective wave, which is a retracement. It should at least retrace 38.2%, as I calculated on the chart above.
If you calculate the retracement from the bottom (A) to the high point (B), it should retrace at least 38.2 % (477 levels).
You can always calculate the depth of CUP for your upside target.
