While AH is tantalizing, it is not as important as what will happen tomorrow. Look for a couple more points to be tacked on.
I realize that as soon as a trader identifies a pattern, it changes, however, I want to at least point out that for the past few weeks, CBI has spiked on Wednesday afternoons and given it all back by the end of the week.
Cirrus Logic Inc forms bullish "Symmetrical Continuation Triangle" chart pattern
Sep 25, 2015
Recognia has detected a "Symmetrical Continuation Triangle (Bullish)" chart pattern formed on Cirrus Logic Inc (CRUS:NASDAQ). This bullish signal indicates that the stock price may rise from the close of $31.03 to the range of $41.00 - $44.00. The pattern formed over 46 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.
Tells Me: The price has broken upward out of a consolidation period, suggesting a continuation of the prior uptrend. A Symmetrical Continuation Triangle (Bullish) shows two converging trendlines as prices reach lower highs and higher lows. Volume diminishes as the price swings back and forth between an increasingly narrow range reflecting uncertainty in the market direction. Then well before the triangle reaches its apex, the price breaks out above the upper trendline with a noticeable increase in volume, confirming the pattern as a continuation of the prior uptrend.
Getting a little frustrated here, and running out of money trying to average down. "The market can stay irrational longer than you can stay solvent."
Well here we are again, it must be Wednesday because CBI hit $44.00 once again, time to sell those weekly calls. I hope you're still around, enjoyed watching your successful trades.
In my mistaken analysis, I assumed that all the $17.00 shares would be sold out early. Looks like that wasn't such an astute idea.
Any purchase above $17 in pre-market is just wasting your cash. Patience, patience! Will rise during the day today. The floor is in; the ceiling doesn't exist. A new ballgame.