Phony Fannie Breakout?

Here's a pretty good "textbook" 'cup and handle' formation that is a precursor to an upside breakout. The problem is that it is a 60 min chart.


The daily does not necessarily support it, so I suspect it to be a sucker play. My guess is that it will pop higher during the day and draw in buyers, only to give the gains back and fail. Either way, I am just watching. But this is an interesting setup.