CTIX Monthly Monster Chart This is the fir
Post# of 72440
CTIX Monthly Monster Chart
This is the first time CTIX has had a monthly close above $1.
As $1 has been a multi-year resistance level, this is a key event, on above average volume.
The Coiling Bull Pennant of the last two months is strongly bullish, while on balance I favour a resolution with a next wave up, notice that the last time in May 2011 this morphed into a Bull Flag which came back to the green diagonal trend-line.
However the fundamentals for CTIX are greatly changed, two potential block-buster drugs active in the same period, with one drug in clinical trials past its first major hurdle and another set to begin clinical trials in Q1 2012.
Together with the stonking PR being released Monday morning, this coil looks set for a break above the next resistance levels. An over-due event IMO.
But remain aware that CTIX remains an OTC stock subject to MM manipulation and thus price volatility. It is very hard not to get fooled by short term Bid/Ask fluctuations as they see the order flow, we don't. Though CTIX has such tremendous potential I'm less bothered by being off by a nickle or a dime in a buy, and more bothered by missing out on the next big wave up. Look at the size of those green candles for why!
Remember also the risks, there is no guarantee of success in clinical trials, so size your bets accordingly and consider when it is prudent to reduce your cost basis or take profits according to your own plan and risk tolerance unless your entire bet is your risk amount. JMO, of things to think about.
(0)
(0)