ADEP Potential Trend Change - Reverse Head and Sholder
ADEP, or Adept Technology, is a robotics company focusing on industrial automation, as well as software and vision guidance. Recently caught in a downtrend, ADEP seems to be making a reverse head and shoulder pattern, which could be confirmed within the next week. On the 15 min chart, there is also a cup and handle forming which if confirmed, could trigger a breakout.
This puts the:
--Buy point at 9.02 (on HIGH volume)
--Stop at 7.71
--Target at 11.17 (Using the formula (neckline above the lowest point - lowest point)*.7 + breakout point) and then rounding to the nearest resistance line.
However, beware; if a breakout does not occur and the recent slight uptrend is broken, the stock could hit 7.72, and later 6.66
This puts the:
--Buy point at 9.02 (on HIGH volume)
--Stop at 7.71
--Target at 11.17 (Using the formula (neckline above the lowest point - lowest point)*.7 + breakout point) and then rounding to the nearest resistance line.
However, beware; if a breakout does not occur and the recent slight uptrend is broken, the stock could hit 7.72, and later 6.66
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