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Trading Insights: Possible Trade Setting Up In CTXR

Today we are going to take a technical look at Citius Pharmaceuticals, Inc. They are a Specialty Pharmaceutical company that has recently received some good news from the FDA regarding their lead product, Mino-Lok(TM), a device that has exhibited effectiveness in trials for treatment of catheter related bloodstream infections. On October 31 the company received fast track status for its product and is now in phase 3 trials.

A look at the chart below shows a large pick up in volume along with an increase in price the day fast track status was announced. After a brief pullback the stock has picked up momentum and once again has done so on heavy trade. This initial thrust of off a bottoming base along with a tight moving average crossover represents a possible trend transition trade set up on the long side. I would be looking for an eventual pullback lasting for a little as one bar to as many as 11 bars. Upon that, I would then look to enter the trade when and if the trend upward resurfaces. Citius is a Micro-cap company with a small share float, so we would advise anyone looking to trade the stock to use only limit orders.


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Author: CJ Agresta


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