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Eye on APKT

After this morning's Barclays upgrade, Acme Packet (APKT) has responded positively thus far, with the stock up in excess of 5% while the SPX is up 0.93% and the NDX up 0.73%.

Purely from a technical perspective, the upgrade-strength left behind a low yesterday at 25.12, which preserved APKT's bear market low at 24.88 from March 28 and also preserved the larger base-like pattern that has been developing since last November.

That larger pattern has the makings of a major, potentially powerful multi-month double-bottom in the vicinity of 25.00 in the aftermath of a bear phase off of the 4/29/11 high at 84.50. To gain initial upside traction, APKT must hurdle and sustain above 29.00, which should trigger continuation towards 33.50/70 thereafter.

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