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Possible Bullish Inside Day Candle Pattern Detected for Cell Therapeutics (NASDAQ:CTIC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cell Therapeutics (NASDAQ:CTIC) based on the price action in the company's shares. Today's price range of $2.52 and $2.59 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Cell Therapeutics may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Cell Therapeutics share prices have been bracketed by a low of $1.01 and a high of $4.25 and are now at $2.56, 153% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has declined 0.8%.

Cell Therapeutics, Inc. is a biopharmaceutical company. The Company researches and develops cancer drugs.

There is potential upside of 91.4% for shares of Cell Therapeutics based on a current price of $2.56 and an average consensus analyst price target of $4.90. The stock should run into initial resistance at its 200-day moving average (MA) of $2.74 and subsequent resistance at its 50-day MA of $2.88.

SmarTrend recommended that its subscribers protect gains by selling shares of Cell Therapeutics on April 15th, 2014 by issuing a Downtrend alert when the shares were trading at $3.04. Since that call, shares of Cell Therapeutics have fallen 17.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle cell therapeutics

Ticker(s): CTIC