CUP WITH HANDLE (BULLISH CONTINUATION)

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Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the watchlist section Teleflex Incorporated.

TELEFLEX INC (TFX) – new addition to watchlist

Teleflex Incorporated is a provider of medical technology products. The Company designs, develops, manufactures and supplies single-use medical devices used by hospitals and healthcare providers for diagnostic and therapeutic procedures in critical care and surgical applications. The stock is listed on the New York Stock Exchange. Price chart formed a 6 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 410.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 422.00 levels will confirm the breakout from the 6 month-long cup & handle continuation with the possible chart pattern price target of 490.00 levels. The handle part of the cup & handle continuation can be identified as a possible ascending triangle that can act as a bullish continuation chart pattern. Breakout can push the stock to all-time highs. (Data as of Mar 9, 2021)

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