Boston, MA, 04/23/2014 (usastockreport) – Cell Therapeutics Inc. (NASDAQ:CTIC) rallied on Tuesday on account of fierce trading volumes, the stock gained 11.37% on Tuesday. The stock broke out above its critical resistance level of $3.02 and rallied from this level to close near its day high at $3.33
Cell Therapeutics Inc. (NASDAQ:CTIC) rallied after a substantial downside in the last week when it had been trading weak on the note of weak volumes.
Heavy volumes and positive expectations from the Annual reports resulted in an upside for the stock.
Cell Therapeutics Inc. (NASDAQ:CTIC) is currently trading just shy of its 50 day moving average of $3.53 and is comfortably above its 200 day moving average of $2.22. This implies the stock may have just witnessed a trend reversal and could continue with its upward momentum.
The momentum indicators on the daily charts have curved upwards with good volumes, this indicates the stock has gained a strong upward momentum; the relative strength index also took a sharp upwards turn, indicating a bullish trend in the stock.
The stock has gained a positive upward momentum and may continue with this trend till the annual reports come out, the weekly charts also suggest a similar picture, the momentum indicators turned upwards approaching the oversold region, this implies the stock may see some correction in the upcoming trading sessions, the relative strength index also turned upwards giving strong buy signals.
From the current levels the stock has a strong trend line resistance around $3.66 and on the downside the stock has a good support level around $2.72
(FIGURE): Daily Chart for Cell Therapeutics Inc. (NASDAQ:CTIC)
Cell therapeutics Inc. would come out with its First Quarter 2014 annual report on April 29, 2014. The management team will be holding a web conference to brief the stake holders about the results.