ELTP - Buyers Beat Sellers Today With Gain

ELTP - Elite Pharmaceuticals Inc, buyers had a bit of a struggle with sellers today but overcame selling pressure and won the day's session with almost a 10% gain at the closing bell. We've been covering ELTP's upward trend for about a week and in yesterday's post we showed that ELTP is making a series of higher closing lows and you guessed it - ELTP closed with another higher low again today as shown on the chart.

ELTP opened this morning at .22 and printed a intraday high of .2390 with the close printing the last trade at .2350, a 9.30% gain on the session. The lower shadow on today's candlestick reveals some selling pressure but enthusiastic buyers overcame the selling pressure and pushed the stock higher. ELTP is a little over .02 away from reaching the 52 week high and the next day or so may tell us if ELTP is going to break through this ceiling.  ELTP has a 3 month average volume of 6,466,900 with 14,812,900 shares traded today, more than double the average.

4/19/2011