Getting Long on a breakout play to the upside
Stock: Acme Packet (APKT)
Long or Short: Long
Entry Range: 19.75-19.90
Chart: Acme Packet (APKT) Daily
Reason for Trade: APKT has two major areas of interest for me. The first is a well defined double bottom (minus the flash crash from July), as well long-term range-bound breakout scenario unfolding today. One draw back is the amount of buying it has already seen, but I find this breakout above long-term resistance may still bring additional buyers to the table.
I’m not looking at an overly long say in APKT, but could see this holding lasting upwards of a week-max.
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