BREAKOUT!!!!! The ARNA trade set up was posted last week the top of the triangle was 9.44. This is what was wrote last week:
ARNA has formed a nice ascending triangle pattern and if it can breakout it would potential be a 20% move higher. ARNA’s triangle needs to break above 9.44 to start, the next strongest resistance level ist at 9.99.
Pattern: Ascending Triangle
Measured Move: 7.20 to 9.44 = 2.24
Breakout Level: 9.44
Pattern Voided: Below 8.54
Price Target: 9.44+2.24 = 11.68
ARNA broke above its resistance and ripped higher today and on volume. ARNA potential price target here is 11.60-11.81. With a high short float it is very possible. Stops should be below 9.44.
