Breakout for Rockwell Medical Technologies Inc (NASDAQ:RMTI)


Dallas, Texas 07/15/2013 (Financialstrend) –A Daily big white candle has formed. This is a bullish candle as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off a support area (e.g., a moving average, trend line, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.

For the past 10 Daily candlestick bars as of 12/07/2013, there are 5 white candles versus 5 black candles.

For the past 50 Daily candlestick bars as of 12/07/2013, there are 20 white candles versus 29 black candles with a net of 9 black candles.

The MACD is currently BULLISH. The MACD is currently above the signal line. The MACD crossed above the signal line 1 period(s) ago.  Since the MACD crossed the MACD moving average, Rockwell Medical Technologies’ price has increased 19.54%, and has fluctuate from a high of 5.350 to a low of 4.300.

The RSI has just reached its highest value in the last 14 period(s). This is BULLISH signal. The last SAR signal was a Buy1 period(s) ago.

The close is currently

BELOW its 200 daily moving average

ABOVE its 50 daily moving average

ABOVE its 20 daily moving average

The current market condition for Rockwell Medical Technologies is Mildly Bearish

Rockwell Medical Technologies Inc (NASDAQ:RMTI) broke above the upside resistance level of 4.26, 1 day(s) ago.  This is a bullish sign.  This previous resistance level of 4.26 may now provide downside support.  Volume on the day of the breakout was quite heavy–1,446% above average.  This makes the breakout even more significant.  The most recently confirmed downside support level for Rockwell Medical Technologies is around 3.38.  Expect prices to have some difficulty falling below this level.  A break below this level (particularly on heavy volume) would be a bearish sign.

On 07/12/2013, Rockwell Medical Technologies closed above the upper Bollinger Band by 35.2%.  Although prices have broken the upper Bollinger Band and an upside breakout is possible, the most likely scenario is for the current trading range that Rockwell Medical Technologies is in to continue.  Bollinger Bands are 19.53% wider than normal.  The current width of the Bollinger Bands (alone) does not suggest anything conclusive about the future volatility or movement of prices.