chart

CTP looks to have formed a cup and handle pattern.

Cup & handle patterns are powerful and reliable continuation patterns that form in uptrends and therefore have bullish implications. Their completion signals the end of a consolidation period and the continuation of its bullish uptrend.

[URL=http://img200.imageshack.us/i/ctpcuphandle.png/][/URL]

Target is the depth of the cup (14.5-8) + 14 = 20.5

There is signficicant resistance coming from alltime high downtrend line from june 08, large sell orders 14-14.5, and the upperband of s.d. channel. Can also see a steep uptrend line, which if supported after today it is unlikely below 13c will be seen.
People are reluctant to sell this stock due to imminent announcements regarding JV's drilling etc, this will help support the shareprice.



for more information about cup and handle patterns visit:

http://www.leavittbrothers.com/education/chart_patterns/cup_and_handle_bullish.cfm