Wednesday, February 24, 2010

Bull Flag - Acme Packet, Inc. (Public, NASDAQ:APKT)

Last week we highlighted APKT as a good swing trade candidate. As you can see from the daily chart above, yesterday's market sell-off didn't deter the stock as it notched a higher close.

After today's move, we see from the weekly timeframe below that we are testing resistance. Volume is very strong so I'm hopeful APKT will eventually retest all time highs.

If you didn't have a chance to swing long, you can still day trade long when the opportunity presents itself.

APKT opened strong, eventually carving out a bullish flag. Place fibs from ORL to top of flag to plan the target.

I took half off of my swing trade after price printed the red shooting star. Some consolidation at this level would be helpful.


SStrader said...

i like your chart, its very colorful!

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