CytRx Corporation (NASDAQ:CYTR) price has formed a big bullish candle on daily time frame with volume 12x above average. The heavy buying makes this an interesting situation and one worth watching on Monday. From a technical standpoint, the stock is starting to show some signs of accumulation with high volume on upside days and low on downside days.
I expect this rally to continue next week which can take prices towards 1/1.10 levels as long as 69c levels are protected on downside. Have this on your watchlist.
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This is a guest post by António Costa, acclaimed trader and the popular author of AC Investor Blog. All views and analysis belong to the author.