Galecto, Inc. Stock Forecast
Weaker technical forecast for Galecto, Inc. as stock downgraded to Hold/Accumulate.
(Updated on May 03, 2024)
The Galecto, Inc. stock price fell by -2.36% on the last day (Friday, 3rd May 2024) from $0.717 to $0.700. During the last trading day the stock fluctuated 5.70% from a day low at $0.700 to a day high of $0.740. The price has fallen in 6 of the last 10 days but is still up by 2.73% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -253 thousand shares and in total, 24 thousand shares were bought and sold for approximately $16.83 thousand.
The stock lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.671 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 2.55% during the next 3 months and, with a 90% probability hold a price between $0.688 and $0.93 at the end of this 3-month period.
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GLTO Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 4.66%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $0.723. On a fall, the stock will find some support from the short-term average at $0.693. 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. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0399 between high and low, or 5.70%. For the last week the stock has had daily average volatility of 6.54%.
Our recommended stop-loss: $0.668 (-4.65%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (GLTO) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Galecto, Inc. to open at $0.713, and during the day (based on 14 day Average True Range), to move between $0.648 and $0.753, which gives a possible trading interval of +/-$0.0525 (+/-7.50%) up or down from last closing price. If Galecto, Inc. takes out the full calculated possible swing range there will be an estimated 15.00% 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 (1.23%) than the resistance at $0.780 (11.41%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Galecto, Inc. stock A Buy?
Galecto, Inc. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.872 Hold/Accumulate Downgraded
Predicted Opening Price for Galecto, Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.713 ( 1.89%) | $0.700 |
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 | 0.753 | 7.59 % | |
| R2 | 0.738 | 5.41 % | ||
| R1 | 0.729 | 4.07 % | ||
| Current price: | 0.700 | |||
| Support | S1 | 0.698 | -0.287 % | |
| S2 | 0.689 | -1.63 % | ||
| S3 | 0.673 | -3.81 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.87 | 24.24 % | |
| R2 | 0.82 | 17.13 % | ||
| R1 | 0.780 | 11.41 % | ||
| Current price | 0.700 | |||
| Support | S1 | 0.692 | -1.23% | |
| S2 | 0.681 | -2.73% | ||
| S3 | 0.600 | -14.28% |
FAQ
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