Cup and Handle

Many technical positives for Peregrine Diamonds recently.
Golden Cross (50 Day moving average crossing over the 200 day moving average).

Update - May 1st - The pattern is still in effect. The trading is within the handle range and has been for a few days. It reached about 26 cents and has traded between 30 and 37 cents the last couple of days.

There is a very distinct cup and handle formation happening right now as well.

A description online can be found here -- cup and handle description

"As the stock comes up to test the old highs, the stock will incur selling pressure by the people who bought at or near the old high" - Check

"The handle is generally about 5% below the old high point." - Check

"This selling pressure will make the stock price drift in a sideways fashion with a bias to the downside for about 4 days to 3 weeks" - 4 to 8 days into the sideways drift.