Market Blog Technical Analysis

Gap fill candidate to the long side: Antonio’s Perspective

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.

António Costa
I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I write guest posts for Stockal to share my thoughts about capital, risk management, and trading. My posts contains only my personal opinion and are provided for informational purposes only.

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