CTIC Fails the Short Term Continuation Trend

CTIC The reversal price bar so far in CTIC looks really bearish to me and it almost looks like a bearish engulfing price bar combined with the volume.

CTIC is at risk now of breaking down even more this week in my opinion.

CTIC today in order for it to maintain its breakout stance today should have held 1.68 level.  That level was at a point that would have maintained the near term breakout scenario.  But today and within the last 20 minutes CTIC broke down through that level and now is at risk for a more complicated price action the rest of this week.

One might think that this violation of the 30 minute price bar chart is not a big deal.  But I would rather stand aside and then ask questions later and then see if it can prove itself later on.

If I am wrong about this being a bad trend reversal, then I will just have to accept that fact.  But in particular with these cheap biotech stocks it is prudent to be extra cautious and to take nothing for granted.

Posted in Market Timing
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