Galectin Therapeutics Inc. Stock Forecast
Galectin Therapeutics Inc. stock price ended at $2.41 on Wednesday, after gaining 1.69%.
(Updated on Mar 27, 2024)
The Galectin Therapeutics Inc. stock price gained 1.69% on the last trading day (Wednesday, 27th Mar 2024), rising from $2.37 to $2.41. During the last trading day the stock fluctuated 3.20% from a day low at $2.35 to a day high of $2.42. The price has risen in 6 of the last 10 days and is up by 21.72% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 8 thousand more shares were traded than the day before. In total, 82 thousand shares were bought and sold for approximately $198.23 thousand.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $2.47 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 29.56% during the next 3 months and, with a 90% probability hold a price between $2.48 and $3.20 at the end of this 3-month period.
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GALT Signals & Forecast
The Galectin Therapeutics Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $2.33 and $1.97. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Galectin Therapeutics Inc. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, March 22, 2024, and so far it has fallen -1.23%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Galectin Therapeutics Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $2.06 and $1.89. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Galectin Therapeutics Inc. finds support just below today's level at $2.06. If this is broken, then the next support from accumulated volume will be at $1.89 and $1.86.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0750 between high and low, or 3.20%. For the last week, the stock has had daily average volatility of 7.03%.
Our recommended stop-loss: $2.31 (-4.04%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (GALT) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Galectin Therapeutics Inc. to open at $2.39, and during the day (based on 14 day Average True Range), to move between $2.29 and $2.53, which gives a possible trading interval of +/-$0.122 (+/-5.04%) up or down from last closing price. If Galectin Therapeutics Inc. takes out the full calculated possible swing range there will be an estimated 10.09% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.44 (1.24%) than the support at $2.06 (14.52%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Galectin Therapeutics Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Galectin Therapeutics Inc. stock to perform well in the short-term.
Current score: 2.785 Buy Candidate Unchanged
Predicted Opening Price for Galectin Therapeutics Inc. of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$2.39 ( 0.761%) | $2.41 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GALT
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 2.47 | 2.35 % | |
R2 | 2.44 | 1.16 % | ||
R1 | 2.42 | 0.428 % | ||
Current price: | 2.41 | |||
Support | S1 | 2.36 | -1.95 % | |
S2 | 2.35 | -2.68 % | ||
S3 | 2.32 | -3.87 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 2.44 | 1.24 % | ||
Current price | 2.41 | |||
Support | S1 | 2.06 | -14.52% | |
S2 | 1.89 | -21.58% | ||
S3 | 1.86 | -22.82% |
FAQ
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