Daily Stock Report

Catalent Inc. - (CTLT) - November 5, 2020 

Catalent Inc. (CTLT), a pharmaceutical company, has been climbing within the Green Favored Zone of the SIA S&P 500 Index Report since it joined the Index in September. In the last month, the shares have moved up 30 spots to 21st place. 

Back in the spring Catalent (CTLT) shares had staged a major rally from near $30.00 to up above $90.00. Since July, upward momentum faded and the shares settled into a $80.00 to $95.00 consolidation range. This week, accumulation has resumed in earnest with the shares driving up off of a higher low near $88.00, blasting through the $95.00 top of the previous channel (which now reverses polarity to become support) and continuing with a break through of the $100.00 round number barrier. Measured moves indicate next potential resistance tests on trend appear near $110.00 then $125.00. 

Coming off of a big two pole recovery rally between March and May, Catalent (CTLT) shares have remained under accumulation. Since July, the shares have completed a series of bullish patterns, including a Triple Top and then two Double Tops. The current breakout over $95.00 and then $100.00 to a new all-time high, signals that a new upleg has commenced. 

A series of horizontal and vertical counts suggest potential upside resistance tests on trend near $107.60, $116.45, $123.60 and $128.60. Initial support appears near $93.70 based on a 3-box reversal and a retest of the recent breakout point. 

With its bullish SMAX score increasing to a perfect 10, CTLT is exhibiting near-term strength across the asset classes. 

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