Elite Pharmaceuticals Inc (OTCMKTS:ELTP) has survived an FDA bump and is again consolidating, this could well be the precursor for another run forward.
Overall, the bias in prices is: Downwards.
Short term: Prices are moving.
Intermediate term: Prices are trending.
Note: this chart shows extraordinary price action to the downside that appears to have stopped.
By the way, prices are vulnerable to a correction towards 0.25.
The projected upper bound is: 0.22.
The projected lower bound is: 0.10.
The projected closing price is: 0.16.
Technicals are still suffering after the sell off
ELITE PHARMA closed down -0.000 at 0.165. Volume was 69% below average (consolidating) and Bollinger Bands were 229% wider than normal.
Open High Low Close Volume___
0.164 0.169 0.163 0.165 523,580
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.16 0.28 0.32
Volatility: 137 140 99
Volume: 3,003,522 2,513,123 1,740,456
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
ELITE PHARMA is currently 48.8% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of ELTP.PK (mildly bearish). Our trend forecasting oscillators are currently bearish on ELTP.PK and have had this outlook for the last 15 periods. Our momentum oscillator is currently indicating that ELTP.PK is currently in an oversold condition.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 25 white candles and 25 black candles.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble, in this case it looks to indicate a bottom.
Momentum Favors a Rally
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 33.8678. This is not an overbought or oversold reading. The last signal was a buy 15 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 29.08. This is where it usually bottoms. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 42 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -32. This is not a topping or bottoming area. The last signal was a buy 11 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 1 period(s) ago.
Latest posts by Shayne Heffernan (see all)
- Wesfarmers Ltd (ASX:WES) Downgraded as Company Turns Political - January 19, 2017
- Pauline Hanson: Halal Certification at Best a Scam at Worst Funding Terrorism - January 19, 2017
- Hong Kong Racing: Hong Kong Classic Mile - January 19, 2017