In the last couple of sessions the stock of CytoSorbents Corporation (OTC:CTSO) has been rising in value on an increased trading volume. This, in turn, led to changes in the technical configuration of CTSO chart.
In the last session CTSO surged 9.50% to $0.219 on a volume of 884 thousand shares. This was the fourth price increase in a row of CTSO stock.
Two days ago, after finishing with another 6% up, CTSO breached the 50-MA and thus gave a positive signal to the long investors. The next day, the stock continued its march upwards.
Subsequently, trending indicators also turned bullish. The MACD bounced at its moving average, which is considered positive by the long investors. Subsequently, a bullish cross was formed by the short-term moving averages.
CTSO was consolidating throughout most of July, at the end of the month it plunged sharply down, but then bounced at $0.13. Around that time, CTSO filed its quarterly report.
The report showed that CTSO had spent $850 thousand on research and development, compared to $352 thousand spent for the same quarter in the previous year. The company is still in its explorations stage, which is the reason why there are still no revenues.
Basically, there hasn’t been any official events recently that could account for the recent surge of CTSO stock. Probably, the stock has been influenced by technical factors the last couple of days.
