"if we're really talking technicals though, i'd say around 37.5 is the lowest it goes. I'm no pro at technicals, but I think we're seeing a classic cup and handle.... one of the easier to ID patterns. volume fits as well. from what I understand, going below about half the cup depth is unlikely. either way, this is a bullish pattern.... but an Arcam acquisition could end the handle early. I personally have my limit set at 41.5, but may revise that within a week or so, depending on how it's looking"
I've since lowered 1/3 of the shares I was going to pick up to a 40 limit order. I think I'm playing it safe though. I've missed out on some upside on this stock before, I don't want it to happen again.
I'd like to hear from these other guys too though since, as I've mentioned, I'm not an expert technical trader. just starting to get into it now.
but newpikachu, do you not think the handle has begun forming since tuesday? that's what I'm seeing but I'll take whatever insight I can get. I personally think this forms a handle UNLESS there's an acquisition announcement. that could break the pattern and send it up prematurely (giggidy)
I think it is pretty obvious this cup is forming a handle. A cup pattern wouldve continued up from the breakout point so I have no clue what your point is chief. Now if u want to say the pattern is broken then state some facts but this is a handle and will continue to be perceived as one until a break of 39(20% adjusted for high beta from highest close)