I'm hoping it will be enough to at least to stop the sideways action and little slide in CTIX that happened when so much of the attention shifted to CLSN. Perhaps even a spike, although I think the CLSN effect will weigh on us a bit more. We will see as it is always the buyers and sellers in the future who determine the actual share price. I just look at indications.
CTIX would have already had the continuation rally I was expecting IMO had money and interest not gone to CLSN a month ago. I was hoping for a CLSN win to bring money back to CTIX as a resolution of this pause, but instead it bombed and people lost that basis money and certainly has no profits to bring back. I hadn't factored in money chasing events in other stocks into my prior analysis, so the CTIX looked stronger to me.
I've already heard from people reducing their CTIX bet out of the fear that CLSN flop created, which is understandable, bu unfortunate because CTIX is completely different. Perhaps it made them think about risk and their bet size with more clarity, or perhaps just fear.
We see from the CTIX daily chart below that it remains in a bullish pattern. Two days have broken below support at $1.89 and one day has closed below it. (Both CLSN reaction days, before that the 20 MA and support at $1.89 was holding nicely) So we can expect a test of the next support level of $1.65 which is the next support level and has been strengthened by the 50MA rising to it, as the more likely event.
But even with a test of Key Support at $1.50, the CTIX chart remains bullish, in fact it is bullish all the way down to $1 which is a highly unlikely event IMO.
Alternatively, if some buying kicks in next week we will see support at $1.89 hold and re-establish itself. With a test of the high #2 the favoured scenario again.
But... bottom line is all the action between the high #2 and the low #3 is essentially "inside action." Until there is a sustained break of one or the other we are basically trading sideways, with some minor selling pressure have started.
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