Galecto, Inc. Stock Forecast
Green day on Tuesday for Galecto, Inc. stock after gaining 2.88%
(Updated on Apr 23, 2024)
The Galecto, Inc. stock price gained 2.88% on the last trading day (Tuesday, 23rd Apr 2024), rising from $0.681 to $0.701. During the last trading day the stock fluctuated 4.27% from a day low at $0.675 to a day high of $0.704. The price has fallen in 5 of the last 10 days and is down by -1.93% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 45 thousand more shares were traded than the day before. In total, 106 thousand shares were bought and sold for approximately $74.59 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.681 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 11.82% during the next 3 months and, with a 90% probability hold a price between $0.761 and $1.06 at the end of this 3-month period.
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GLTO Signals & Forecast
There are mixed signals in the stock today. The Galecto, Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.752. On a fall, the stock will find some support from the short-term average at $0.690. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Wednesday, March 06, 2024, and so far it has fallen -21.33%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Galecto, 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Galecto, Inc. stock
Galecto, Inc. finds support from accumulated volume at $0.692 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0288 between high and low, or 4.27%. For the last week, the stock has had daily average volatility of 6.17%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GLTO) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Galecto, Inc. to open at $0.693, and during the day (based on 14 day Average True Range), to move between $0.643 and $0.758, which gives a possible trading interval of +/-$0.0578 (+/-8.25%) up or down from last closing price. If Galecto, Inc. takes out the full calculated possible swing range there will be an estimated 16.49% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.692 (1.30%) than the resistance at $0.780 (11.33%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Galecto, Inc. will release earnings BMO on Friday, April 26, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.290. We will update the financials statements for Galecto, Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 11.28% in the first trading day after earnings release.
Is Galecto, Inc. stock A Buy?
Galecto, Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -3.532 Sell Candidate Unchanged
Predicted Opening Price for Galecto, Inc. of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $0.693 ( 1.07%) | $0.701 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GLTO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.722 | 3.05 % | |
| R2 | 0.711 | 1.47 % | ||
| R1 | 0.704 | 0.505 % | ||
| Current price: | 0.701 | |||
| Support | S1 | 0.682 | -2.64 % | |
| S2 | 0.675 | -3.61 % | ||
| S3 | 0.664 | -5.18 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.87 | 24.15 % | |
| R2 | 0.82 | 17.04 % | ||
| R1 | 0.780 | 11.33 % | ||
| Current price | 0.701 | |||
| Support | S1 | 0.692 | -1.30% | |
| S2 | 0.670 | -4.37% | ||
| S3 | 0.600 | -14.34% |
FAQ
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