According to Elliot wave theory and Fibonacci ratio, GALT is showing bullish signs of reversal. GALT ran up from $3.19 to $6.06. It has since pulled back to ~$4.19 (also, .786 retracement) #KEY Fibonacci ratio. After bouncing, it has now moved above the 50 day moving average on the 1-hour chart (sign of reversal).
Furthermore, I’m seeing other bullish indications that GALT. Galectin should reward long-term investors as well. Based on the intrinsic nature of the rights offering and the lucrative market opportunity in-front of them #UnmentMedicalNeed. Shares hold more value for long term investors.
Additionally, fundamentals usually line up with technical’s. If GALT holds above the 50-day moving average (on the 1-hour), it could run above $6 again in the next few weeks. Levels we’re watching for entry are between $4.60-$4.70.
Levels of resistance to watch for are $4.96-> $5.19-> $5.38 . I am considering a stop loss to mitigate risk.
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