The deal has been struck at close. If price continues to drop long term holders are better off, since they will end up getting more MITL. Exiting this position will be tricky on Monday. Two options exists, hold for retrace, which is likely to return to $12.20, maybe better; or sell at loss at $11.85 limit.
Pre-Market price action will determine whether or not to double up and hold out until the deal completes.
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Ugh, bad forecasting. This is turning into an investment, looking for an exit plan tomorrow. Staircasing downwards now.
It took exactly 41x, 1 hour bars to reach break-even. I held on for 1 week since the news were good and the earnings matched expectations. However, the stock price did not. Thus it gave me no reason to dump early since it is a sound company with decent fundamentals. Thus even though it had dropped to $11.80, past my stop loss, I had confidence it would retrace. It re-gained traction today, 04/21/16 at around 3 PM. I missed the sell off at $12.30+ @ 3:50 PM when it had spiked.
I will post a follow up chart for the next 41 bars, it appears that a pattern is emerging. I would expect the outlook to be bullish, but I would not bet money on it this time.
Trade closed manually
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41 HOUR CANDLES TO BREAK-EVEN OR DICK US AROUND AGAIN.