Castor Maritime Nears End Of A Pattern: Technical Levels To Watch

Castor Maritime Inc. CTRM traded 6.3% higher Thursday to close at $0.46.

Below is a technical look at the chart.

Castor Maritime Daily Chart Analysis

• The stock is trading below the 50-day moving average (green).
• The stock is trading above the 200-day moving average (blue), indicating bullish sentiment in the stock.
• The 50-day moving average may hold as resistance in the future.
• The 200-day moving average may hold as support in the future.

Key Levels To Watch

The stock looks to be forming a falling wedge pattern. This pattern is considered a bullish reversal pattern if it can cross above the line connecting the highs.

What's Next?

Bullish technical traders would like to see the stock build higher lows up to resistance. A break above the line connecting the highs with consolidation may let the stock see a further push upwards.
Bearish technical traders would like to see the stock fail to break above the line connecting the highs. They may also like to see the stock fall below the 200-day moving average for a possible further downward push.