I am looking at the yahoo finance page for CTIC right now and I see that the DJIA was down 2% today and the Nasdaq was down 2.75% today. But CTIC closed at 1.57 only a penny down from yesterday and for practical purposes basically unchanged.
I am not posting a new chart of CTIC in this post because the action today was for the most part motionless. The fact that CTIC was so tame today should speak volumes by itself given the minor beating the broad market took today.
I realize I am only focusing on one day’s price action but it is still important in my opinion. CTIC could have taken a beating today, but it didn’t. Holders of CTIC stock were not willing to part with their shares today and so it is hinting to me that the shares are in strong hands.
We are still in the apex of the symmetrical triangle formation and we have not made any significant moves either to the upside or downside to warrant any kind of real signal.
So this ‘part 2’ on CTIC is basically just to point out the internal strength that appears to be present in CTIC despite the broad market weakness.
The August 24th date I mentioned previously with regard to CTIC has to do with the FDA making a fast track decision for one of CTIC’s drugs. I cannot confirm this date or if any decision will even occur on that date. So for now I am going to ignore that date and just keep it in the back of my mind.
The chart of CTIC itself should be enough information for now. And right now the chart is still in a neutral position and waiting for a trigger or either enough buyers or sellers to take it north or south.
It is quite fascinating to me how well it held up in the face of today’s rout in the market. So Part 3 of the CTIC story is coming next. Hopefully part 3 will have more information to work with than what we got today.
But sometimes what a stock does not do can still be a boatload of good information which was the case today.