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

By Shiri Gupta

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 $1.43 and $1.48 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.

Cell Therapeutics (NASDAQ:CTIC) has potential upside of 248.9% based on a current price of $1.45 and analysts' consensus price target of $5.06. The stock should run into initial resistance at its 50-day moving average (MA) of $1.68 and subsequent resistance at its 200-day MA of $1.99.

In the past 52 weeks, shares of Cell Therapeutics have traded between a low of $1.38 and a high of $2.94 and are now at $1.45, which is 5% above that low price. The 200-day and 50-day moving averages have moved 0.71% lower and 1.64% lower over the past week, respectively.

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

SmarTrend recommended that its subscribers protect gains by selling shares of Cell Therapeutics on August 26th, 2015 by issuing a Downtrend alert when the shares were trading at $1.60. Since that call, shares of Cell Therapeutics have fallen 12.9%. 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