Cannery Technologies' IPO Was Sold Out Immediately at Its Opening

question 40

Multiple Choice

Cannery Technologies' IPO was sold out immediately at its opening of $10 a share and closed the first day of trading at $18.25. It continued to rise for two weeks, hitting a high of $22.45, before dropping for four weeks to a low of $13.35. Two weeks later it was continuing to climb steadily surpassing $14.80. Which of the following best describes the market action in this stock?

• A) Had a market correction.
• B) Been a poor investment.
• C) Described a cup and handle pattern.
• D) Had a predictable price adjustment.
• E) Just offered a clear buy signal.

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Definitions:

Optic Disc

Point at which axons of ganglion cells of the retina converge to form the optic nerve, which then penetrates through the fibrous tunic of the eye.

Posterior Chamber

Chamber of the eye between the iris and the lens.

Lens

A transparent, flexible optical element in the eye that focuses light onto the retina, allowing for clear vision.

Cornea

The eye's outermost, transparent layer, which covers the iris and pupil and helps focus incoming light.