I believe so.
Let’s start with the weekly chart:
Did you see the general long-term uptrend? However, I like to see price action takes out the Jan 11th high and close above that to confirm a continuation of uptrend after the correction from July of last year.
Now, let’s take a look at the daily chart:
Did you see the handle? While the handle is still lower than the rim of the cup, I still think the pattern is valid.
Fundamentally speaking, who doesn’t like a needle-less injection?
$ATRS announced acceptance of the OTREXUP New Drug Application (NDA) by the FDA. And the FDA has assigned a prescription drug user fee act (PDUFA) target date of October 14, 2013.
The speculation of an approval could fuel a run from here.
I bought $ATRS today looking to see a breakout from the cup and handle pattern in the next few days.
My 2 cents.
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Very nice post. I took the trade at 4.22 and just exited at 4.36. Thanks Zen. It may have some juice left in it, the weekly chart looks strong.
Thanks Tpain. Glad to hear you made money on this trade.
Meanwhile, I’m holding this a little longer for a bigger payout…
Cheers!