Phio Pharmaceuticals: ongoing decline at week 7, double bottom but distribution intact

Phio Pharmaceuticals is at week 7 of a sell signal, with the trade already up 10% from the opening. A double bottom in the 1.0 area with an 11% intermediate rebound has appeared on the daily chart, but the distribution flow — as measured by CMF — remains negative and pronounced. Sellers continue to prevail on the structural front, despite this week showing some signs of a pause.