June 26, 2009
CTX Pull Back?
By Planet Wealth
CTX has been pushing higher since December 2008, but has been pushed back down by a significant resistance at around $13.00. Is this a healthy pull back or a sign of the bullish trend ending.
After a sharp run up CTX met a resistance level at around $13.00 in May and is now pulling back. With three valid trend and support lines meeting up at around $10.75 this is likely to hold the stock and see it reach at least the $13.00 level again. $10.75 is also a well know Fibonacci retracement point of 38%, adding to the odds that this level could hold CTX up.
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