CTIC Cell Therapeutics Near Term Uptrend Remains Intact


CTIC pulled back today and volume declined by roughly 50% compared to yesterday.

It closed above the former blue downtrend that that was pierced yesterday which is a short term positive sign.

Tomorrow I really prefer to see CTIC close above 1.64 or higher and to keep an intra day low that is higher than 1.61 .  If CTIC can do that then it will remain in the green shaded area I have drawn on the chart and keep the short term uptrend intact.  This is critical in my opinion for the breakout continuation into next week.  I want to see CTIC stay trading within this green shaded area as a sign that the potential breakout continuation is still in force.

If CTIC is not able to close and hold above 1.62 tomorrow then it will be a concern going into next week in my opinion.  We must not close below 1.62 tomorrow otherwise it may be a short term sign that this breakout continuation is in doubt for next week.  I like to see stocks PROVE themselves and I really do not have much patience for lack of performance because a lot of the time it can lead to big problems later on. 

Ideally I would like to see CTIC get an up day tomorrow and close maybe in the 1.70’s or higher and get a close at the top range of the price bar.  That is the best scenario I can come up with right now for a Friday almost at the end of August.

The big volume upside day we had yesterday was clearly a sign of strength and a valid breakout of the downtrend line.  And today looks like a classic low volume pullback to trendline support.  But again, show me a higher close than 1.62 tomorrow, otherwise in my opinion it will be too risky to hold going into the weekend and Monday.

I realize I am splitting hairs here with CTIC but I would rather split hairs than get split in half! If you know what I mean…

So that concludes part 4 of the CTIC series.  I don’t know how many more parts there will be, it all depends on how well CTIC behaves tomorrow and then on Monday of next week.

Posted in Market Timing, Stock Setups

Leave a Reply

Your email address will not be published. Required fields are marked *