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CASI Pharmaceuticals Finding Support at 2.00

Last time we looked at Casi Pharmaceuticals $CASI, we saw a sharp pullback after a sharp bullish breakout. We said that if price respects 2.00, then the bullish breakout has set the tone for a bull run, though the volatility will likely come down after being so fierce in October.

CASI Daily Chart

(click to enlarge)

- The daily chart shows that there were really two sharp upswings. On in September and one in October.
- The one in September was held up at 2.00, so that was a resistance pivot.
- Now, as price retreated sharply from 4.80 back to 2.00, this level became support.
- Furthermore, the RSI held above 40 and turned back up, a sign of continuing bullish momentum.
- I think we can anticipate a push towards that previous high around 4.80.
- But we should consider the possibility that volatility will first die down, in which case the upside in the short to medium-term will likely be below 4.00, like 3.50.