CTIX Daily Chart Bull Pennant/Coil CTIX

CTIX Daily Chart

Bull Pennant/Coil

CTIX is showing very bullish price action after this last W7 bar. Closing today at the all-time high of $1.50, at the upper border of the Bull Pennant.

Note that the first W7 on Sep 24 quickly pulled back to about 50% of its range, consolidated for about 13 trading days, and then made a low below 100% of its range before the rally resumed. This current W7 bar only saw a quick dip in its upper 33%, and is consolidating and coiling at and above the tip. Much stronger looking.

The Wave 1 rally, was also followed by a 5 day retracement, with both it and the first W7 rallies bouncing off of the longer term green diaganol trend-line.

The first part of Wave 2 stalled at what was resistance at $1.18, formed a 3 day coil on above average volume, and resolved into the current rally to Key Resistance at $1.50, also having a notable W7 bar.

The last 4 days are again forming a coil, quite high, near the tip of the W7 bar, and once again on higher than average volume. Very much a continuation pattern so far.

Hmmm... very strong price action after a big move up. Note that in just a few days the new red diaganol parabolic trend line will also intersect $1.50

Note also we were only treated to 2 red bars, 1 during the entire Wave 2, and yet from the First W7 bar and Wave 1 we had 4 and 5 in a row.

On balance it looks like CTIX is poised to make another rally wave up, to all-time highs. No resistance and only blue sky above!

Alternatively, on lower volume this Bull Pennant could morph into a Bull Flag and the CTIX Share Price see some decline as happened after the first W7 rally, but so far I don't see any weakness in the price action.

(Click chart for full size)