CTSI Possible Long Setup

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#CTSI BIG Picture - January 21, 2024

CTSI has broken out of a long-term downtrend and is now trading in a new uptrend. The immediate target is $0.2553, and the long-term target is $1.00.

The chart shows a number of bullish indicators, including:

A rising 200-day moving average
A bullish divergence between the price and the MACD indicator
A bullish engulfing pattern on the daily chart
According to Elliott Wave theory, CTSI could be in the early stages of a five-wave uptrend. If this is the case, we could see another pump to $0.30 or even $0.35 before the wave 3 correction.

Here are some key levels to watch:

Support: $0.2553, $0.2250, $0.2000
Resistance: $0.2750, $0.3000, $0.3500
Overall, the CTSI chart is bullish. Traders should look for opportunities to buy on dips to $0.2553 or lower.

Here are some additional thoughts:

The breakout of the downtrend is a significant development. It suggests that the bears have lost control of the market and that the bulls are now in charge.
The bullish indicators on the chart are encouraging. They suggest that the uptrend is likely to continue.
The Elliott Wave theory is a subjective analysis tool. It is important to remember that there is no guarantee that CTSI will follow the predicted path.

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