Elite Pharmaceuticals Inc (OTCMKTS:ELTP) Headed Back Over 20c

Elite Pharmaceuticals Inc (OTCMKTS:ELTP) Headed Back Over 20c

Elite Pharmaceuticals Inc (OTCMKTS:ELTP) Headed Back Over 20c

ELTP, TLIF, NPHC are 3 BioTechs we are buying today

Bullish Divergence in Data

ELITE PHARMA closed up 0.002 at 0.165. Volume was 71% below average (consolidating) and Bollinger Bands were 71% narrower than normal.

Open High Low Close Volume___
0.163 0.166 0.162 0.165 498,860

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

Moving Averages: 10-period 50-period 200-period
Close: 0.17 0.25 0.32
Volatility: 35 135 97
Volume: 998,964 2,461,741 1,681,949

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 47.9% 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 fluctuations in the near future. 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 24 periods. Our momentum oscillator has set a new 14-period high while the security price has not. This is a bullish divergence.

Momentum Point to 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.

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 40.3448. This is not an overbought or oversold reading. The last signal was a buy 24 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 32.68. 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 7 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 -80. This is not a topping or bottoming area. The last signal was a buy 0 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 10 period(s) ago.

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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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