Elite Pharmaceuticals Inc (ELTP)

[Drugdoctor]

My short term chart analysis is neutral - as the indicators are weak, and not showing a lot of underlying strength... However, as we all know, that can change on a PR, so long term, anyone still holding now will probably continue to hold..

The chart shows RSI of 38 which is Relative Stength Indicator... Relative Strength is weak... Yes, much higher than 27 when it became very OVERSOLD, but not in a zone where it screams buy.

Friday's candle shows upside breakout try, then failure and finished with a loss. This is not a candle that usually is followed by a strong rally...

Accum/dist which for so long was the "mountain of Greatness" is near 6 month lows... I suspect tax loss selling on the recent selloff, and we know that will end in 8 more trading days...

So a retest of .175 is possible, but at that point, it will be very OVERSOLD again, and probably a buy signal... I certainly am not predicting it, but just saying that the chart is not strong right here...

GLTA