KHC broke out of a 7 month cup formation on good volume, then went back to retest the breakup "neckline" which has proven to be a support so far. The odds are good that it will continue higher to an intial target of around $43.50 where it could face some resistence.
Initial stop loss will be just a few ticks below the neckine support @ 38.12
p/s "cup" or "cup and handle" that formed after a prior uptrend has good odds of succeeding when it broke up on good volume. A retest of the neckline is also common and consolidated it as a new support level.
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is NOT a trade advice. Please your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you.
Initial stop loss will be just a few ticks below the neckine support @ 38.12
p/s "cup" or "cup and handle" that formed after a prior uptrend has good odds of succeeding when it broke up on good volume. A retest of the neckline is also common and consolidated it as a new support level.
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is NOT a trade advice. Please your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you.