ELTP - Elite Pharmaceuticals is establishing a new area of support around the .19. This area was first breached almost two weeks ago on the second day of the recent upward move. After trading into the mid-twenty cent levels, ELTP has traded sideways as sellers have maintained support levels locking the recent gains. Selling pressure did push the stock as low as .175 in today's trading but willing buyers were able to overcome the pressure and push the stock back up to .195 before the closing bell. Volume was heavy trading over 11 million shares with a net loss on the day of only 7.14%. Shown on the chart below is evidence of the selling pressure overcome by stingy buyers represented by the long lower shadow. The next few days should show the strength of the new established support level.
4/26/2011