Elite Pharmaceuticals Inc (OTCMKTS:ELTP) Building Support

Elite Pharmaceuticals Inc (OTCMKTS:ELTP) Building Support

Elite Pharmaceuticals Inc (OTCMKTS:ELTP) Building Support

Momentum Building Again

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 23.0926. This is not an overbought or oversold reading. The last signal was a buy 28 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 32.91. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 11 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 -107.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 4 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 14 period(s) ago.

ELITE PHARMA closed up 0.001 at 0.164. Volume was 99% below average (consolidating) and Bollinger Bands were 90% narrower than normal.

Open High Low Close Volume___
0.163 0.164 0.163 0.164 24,950

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish Turning Neutral
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 0.16 0.24 0.31
Volatility: 23 132 92
Volume: 727,771 2,417,596 1,559,851

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.

Summary

ELITE PHARMA is currently 47.5% below its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price increase increase in the near future. Our volume indicators reflect volume flowing into and out of ELTP.PK at a relatively equal pace (neutral). Our trend forecasting oscillators are currently Bearish Turning Neutral on ELTP.PK and have had this outlook for the last 28 periods. This is a Bullish Divergence.

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Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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