The following is a Cell Therapeutics ( CTIC ) stock technical analysis for May 18, 2009Cell Therapeutics, Inc Support & Resistance Levels - 5/18/09
Resistance Levels: $1.28, $1.37, $1.50
Support Levels: $1.00, $0.97, $0.70
CTIC continues to consolidate after the huge run from $0.30 to $1.85. I am watching Friday's high of $1.28, Wednesday's high of $1.37, and Tuesday's high of $1.49 as resistance levels going forward. I am also watching a close below the 10 day moving average as a sign of weakness as well at the $1.00 support level. A close below the 10 day moving average would set up another retest of $1.00. If $1.00 does not hold, there is minor support at $0.97 and then all the way down at $0.70. If CTIC can close above $1.85, I think $2.50 will eventually be tested. This is an extremely risky stock given the huge run so make sure you have tight stops in if you are trading it. One catalyst going forward is the ASCO conference in June.
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