Double bottom holds, sellers losing steam
Phio Pharmaceuticals climbs 2% as its double bottom near 0.97 holds
Double bottom holds, sellers losing steam
Our view last week
Week 11 of the sell signal on Phio Pharmaceuticals, and the open short position remains up 15.97% since entry. The week just closed rebounded 3.1%, with sell volume at 62% against 92% and 100% in the two prior weeks: selling pressure is easing. The price is now trading between the first support, the 7-day low in the 0.96 area, and the first resistance, in the 1.01 area.
This week's summary
Phio Pharmaceuticals' double bottom in the 0.97 area is holding, and the 9% intermediate rebound has produced back-to-back weekly gains. This week's technical picture shows sellers running out of steam: volume has leveled off around two-thirds, and the ADX keeps sliding week after week — a sign the decline is losing conviction. The sell signal remains active, with the short still up 14.3%.
IQS Phase
76
in tension
Signal Strength
2
decline losing steam
Sizing
MINIMUM
Ranking
#123 / 137
US stocks
Trade P&L %
+14.29%
from signal to today
restricted Platinum content