I know you're a big follower of IBD-I noticed that ARUN made it's first appearance in the IBD 50 today-looks like they have a 21.69 buy point with a cup and handle base. If they see a cup with a handle, they're probably looking back at October as the start of the pattern.
That high of October 5th at $21.96 has been a point of contention for ARUN. I agree with IBD; ARUN look great on the "stock check list". Certainly, the industry group and the sub group are performing excellently
Perhaps this will be the point which every long shareholder has been waiting for...for a long, long time.
I'm enclosing at to "ash" that I made back on December 17th.
In addition, I do not like the formation of the "handle". This is an area where the price action is supposed to be making a l-o-w, "u" shaped pattern for a week or two. It didn't. It made a "n" shaped pattern. The area of which I'm speaking are the points between the December 13th and the 31st.
Time will tell.
Here's my post to ash...
"I've made my case in a few of my previous posts here.
For any technician here who is trying to make a case for a "cup and handle" pattern, personally, I don't feel that it's warranted. The base is too wide and loose and sloppy. Secondly, there are a few days after November 16th where there was a lot of selling.
Can the pattern work? Sure, but I don't believe that it will be sustainable; just enough to suck you in as it goes up, followed by a rather precipitous decline. That is the usual way a faulty C&H pattern breaks up.
Should ARUN somehow make the $23 dollar area on LOW volume or if it begins to turn over and "churn" on HIGH volume, I'd be heading for the exit..."