Cell Therapeutics Inc. (NASDAQ:CTIC):Bears In Complete Control?

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Dallas, Texas 04/22/2014 (FINANCIALSTRENDS) – Cell Therapeutics Inc. (NASDAQ:CTIC) made a healthy gain on Thursday after being on a downward bias for the last week, the stock made significant intraday gains to a high of $3.20 and a low of $3.01, the stock consolidated at $3.07. Though on Monday, all the gains for the stock were given up as the stock continued on its downward trajectory.

The momentum indicators for the stock are in the negative zone with decent volumes, this shows it is on a bearish trend, the stock showed strong resistances on the upside. The relative strength index for the stock saw a slight upward turn after nearing the oversold region; this shows the stock might be seeing a trend reversal from the current levels so traders need to be a little cautious before entering into the stock.

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Cell Therapeutics Inc. (NASDAQ:CTIC) is currently trading below its 50 day moving average which is at $3.52 and comfortably above its 200 day moving average which stands at $2.20. Every pull back in the stock has been sold into by traders and we now believe that the stock can test levels of $2.8.

The momentum indicators on the weekly charts suggest a downturn from the current levels, the relative strength index is in the no trade zone, which implies the stock has no prominent direction at present levels, and the stock may see an upside from the current levels.

The stock has a strong resistance around $3.45 levels form where the stock has seen a downturn and a close above this level could see the stock test $4.09 levels. On the downside the stock has very good supports around $2.85 levels.

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(Figure): Daily charts for Cell Therapeutics Inc. (NASDAQ:CTIC)

Latest Buzz Many insiders liquidated their stock in the month of March. Insiders with a holding of more than 10% sold their shares in the open market.

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