Yesterday's CTIX Daily Chart proving itself today.
(Below posted last night)
CTIX Daily Chart Study
Today was an interesting day.
Note the first highlighted box with two green bars.
The first had volume of 147.1K and a move up of 6 cents from open to close, with a range of 7 cents.
The next green bar had a volume of 368.8K and a move up of 6 cents.
Today's highlighted bar had a volume of 712.4K quite the increase, but open to close of 8 cents, with a range of 13 cents. The 8 cents being quite close to the prior lower volume days.
Why oh Why not a larger move? Well today pierced one resistance line and took a stab at the key resistance of $1.18, that was one factor. A double is tricky.
But then the first study bar cruised right through resistance at $1 on low volume and had good follow through. One would have thought today's volume adequate to do the same.
It is hard to say that the $1 resistance is weaker, as it had held for several days and was tested several times, flipping from resistance to support and back again.
So what held back today's rally?
My thoughts are:
1. The first highlighted move did indeed fade at the $1.11 resistance line. A double is tricky. The $1.11 line had some memory to it, which is what support and resistance lines are, people remember buy and selling at them, or regret not doing so, and look for a repeat.
2. CTIX was only holding a few cents above the $1 line in the previous 4 days, and to break the second line just takes a bit more oomph... this being the third test of that line after the first break-out, with none of the 4 attempts closing above $1.11 for two consecutive days.
3. The first attempt at $1.11 had lower volume and less of a news event. It was also a continuation of a rally from a lower fractal at .774 Today's attempt is coming off of a higher low at .92, and good gosh, past the fist dosing with no observable toxicity and hints of efficacy! (THE BELL IS RINGING)
Considering the volume, the PR, all the new interest, this second wave has an uncompleted look to it. The key resistance is strong, no doubt, but with another above average volume day my bet is we are more likely to see a break-out to the first target at $1.25 than a re-test of $1 support.
