Welt's  Instablog

Send Message
  • CytRx Corp (CYTR) On Breakout Watch 0 comments
    Apr 22, 2013 1:30 PM | about stocks: CYTR

    CytRx has been in a multi-year consolidation phase since mid 2009 which is illusatrated below.


    Here's a closer look...


    As you can see from the chart above there is major resistance around the $4.25 level. Ironically this lines up with a gap down from mid 2011. This gap isn't necessarily important because it has already been filled, but nonetheless it's worth mentioning. This $4.25 level will be touched upon again here soon so keep it in mind.

    When looking at the next chart, you can see the 50 week MA has been an area of resistance recently.


    The 200 DMA also lines up relatively close the $3 resistance level as well highlighted below....


    With all of this know, let's now take a look at a chart representing the very near term.


    As you can see, CYTR has been trading within a channel for most of 2013. This rising channel is extremely bullish and has been especially strong since March. To the left of the chart, you can see that there is a major gap that started at the $3.11 level.

    This $3.11 level is my near term price target here in the very near term which could be this week. With CYTR currently trading at $2.79, this represents over 11% upside from current levels. From there CYTR may consolidate further with support at the lower trendline. However, if it breaks the $3.11 mark then there could be much more upside. Keep in mind the 200 DMA, 50 week MA, the gap, and the upper trend line all sit around this area which means tons of resistance but also an area that could lead to a major breakout.

    If CYTR is able to break the $3.11 level, the next levels to watch would be around $3.35, $3.75, and finally $4.25. The $4.25 level was mentioned earlier and is my maximum upside target. Keep in mind a lot has to go right for even one of these targets to be reached. Thanks for reading.

    Disclosure: I am long CYTR.

    Stocks: CYTR
Back To Welt's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


  • $CMG they better announce an increased buyback at these levels. I don't care if they have to take on debt. Also, do a stock split.
    Jun 14, 2016
  • $CMG needs a stock split. It trades choppy at best during the day. Idk why these companies think it's cool to have high priced shares.
    May 27, 2016
  • $USO dropping throughout the day and $XLE climbing. I bought $ERY instead of $SCO. Looking like I might have made the wrong choice.
    Dec 22, 2014
More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.