CTIX Daily Chart
As expected, we have seen a bit of consolidation around Key Resistance and the all-time high of $1.50, and an intra-day retracement to about 1/3rd of the W7 bar. Or about 1/2 if you count the next day.
As noted earlier by VIP1999, the 5 day Moving Average has followed the action closely. Most days have a body with the 5MA somewhere inside, and the prior two rallies had only one or two days outside before touching and then having a body with the 5MA inside. Perhaps this pattern will hold?
This and the strength of this break-out on the financing PR and what is known in the CTIX family as the 'KarinCA effect', has me speculating that the 5MA may well hold the line before the rising diagonal trend-line does. Notice how the 5MA came right to today's low, so tomorrow it will be a little higher.
Alternatively the red diagonal trend-line has moved up to $1.29, so both are quite bullish. So for my micro-call, it is between these two in the top 1/3 of the W7 bar... mind you this is an evolving observation. So not really a call or prediction, just watching the price action in real time like a sports cast.
I won't rule out a retest of support at $1.18, but I don't see that happening quickly, if it occurred it would likely be a slow drift as it was with the first W7 bar.
Of course another leg-up is always possible, but it will require an increase in volume, likely on a catalyst. From there we can make projections based upon the what becomes the down-fractal, so far $1.36. In the absence of a catalyst, the last two days of declining volume favour more orderly consolidation/pause/pullback.
New feature for my friends on this board, click the chart and it will open full sized for your viewing pleasure!
