Catalyst Pharmaceuticals Inc. CPRX shares are trading higher Wednesday although there looks to be no company-evident news to explain the jump in price. The stock is trading on above-average volume and trending on social media sites.
Catalyst Pharmaceuticals was trading up 8.48% at $6.01 Wednesday afternoon.
Catalyst Pharmaceuticals Daily Chart Analysis
- Shares look to be testing resistance in what technical traders call an ascending triangle pattern. The stock looks like it could be ready to see a breakout in the coming days if above average volume can keep moving into the stock.
- The $6 price level has been holding as resistance and been a place where the stock has struggled to cross above in the past. The higher low trendline is somewhere the stock has been able to find support in the past and this level may continue to hold in the future.
- The stock trades above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the stock is likely facing a period of bullish sentiment.
- Each of these moving averages may hold as a potential area of support in the future.
- The Relative Strength Index (RSI) has been pushing higher the past week or so and now sits at 69. This is right next to the border of the overbought area where the stock sees much more buying pressure than selling pressure.
What’s Next For Catalyst Pharmaceuticals?
Bullish traders are looking to see the stock break above the $6 resistance in the coming days and see a strong bullish push. Bulls would then like to see the stock consolidate for a time and be able to hold the $6 level as a support level. This could indicate the stock is ready to see more bullish pushes.
Bears are looking to see the stock get rejected at the resistance level and start falling back toward the higher low trendline. If the stock were to be able to break below the higher low trendline, it could see a trend change and a further downward push.
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