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Cell Therapeutics (
CTIC) develops, acquires and commercializes novel treatments for cancer. This stock closed up 1.6% to $1.89 in Tuesday's trading session.
Tuesday's Range: $1.83-$1.92
52-Week Range: $0.97-$2.04
Thursday's Volume: 2.38 million
Three-Month Average Volume: 2.23 million
From a technical perspective, CTIC spiked modestly higher here right off some near-term support at $1.80 with above-average volume. This stock has been uptrending strong for the last two months, with shares soaring higher from its low of 1.07 to its recent high of $2.04. During that uptrend, shares of CTIC have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of CTIC within range of triggering a major breakout trade. That trade will hit if CTIC manages to take out Tuesday's high of $1.92 to its 52-week high at $2.04 with high volume.
Traders should now look for long-biased trades in CTIC as long as it's trending above some key near-term support levels at $1.76 or $1.70 and then once it sustains a move or close above those breakout levels with volume that hits near or above 2.23 million shares. If that breakout triggers soon, then CTIC will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $2.50 to $3, or even $3.50.
To see more stocks that are making notable moves higher today, check out the
Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.
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