Elite Pharmaceuticals Inc (ELTP)

[HankVerde]

There seems to be support at $0.145. As long as we stay above that price, the stock should consolidate and build a base for the next leg up. If we close below $0.145, I have concerns that we may see a stronger pullback. We can't expect ELTP to rocket to the moon. it closed at $0.07 on Dec. 30 so we've had an incredible run already. We need some consolidation or we'll just fill the gap when the price shot from $0.079 0n April 5 to close at $0.125 on April 6. That's a 58% rise in two days. Not many stocks hold that kind of gain. However, ELTP has held it and then some, but now we need to build a base, If the price stabilized into a range between $0.15 and $0.17 for a few weeks, that would be good. Then when the next PR is released, it should move to a new consolidation level.

I hold another stock (and have for almost 10 years and it shall remained unnamed) that went from $0.26 to $1.90 literally in a week after a PR, then a week or so later was back to $0.63 before slowly descending back to $0.32 and now, five years later, it's at about $0.33 (yeah, I know, stupid me - shoulda, coulda, woulda sold at least some of my monster position when it went up over 7-fold in a few days, but lesson slowly learned as I am a slow learner ).

The point is that ELTP could realize the same fate unless it consolidates here (oops, I just saw a $0.1401 bid and $0.142 sale - hold your breath and cross your fingers).