Just a technical reminder....
I'm very interested following this discussion of the fundamentals folks are doing now, and don't want to distract you here, but just wanted to chime in for a second about the technical chart price action.
As you can see the price action is looking downward, currently retesting the first drop zone around 13 area. stair stepping down from 17 top area to 13, and making lower highs at the S/R zone 14.75,failing there at the moment .
Of course the big volatility swings could still happen on any day, breaking through these stair step S/R levels, so it would be a mistake to look at the 14.75 resistance zone and call it a hard wall... price could easily blast up to 15.75 as easily as it could drop to 12.75.
Thats always got to be anticipated with GALT.
But technically now, IF we see GALT struggle below 15,we might then see more selling step in and GALT could plunge down to target the 12 and 11 area.
Thats my target zone for the next plunge.
The weekly chart has that ominous edge of the cliff look to it now, and I wouldn't be surprised to see a 2 dollar plunge from 14 to 12, and maybe even somewhere in the 11 zone.
On the weekly chart , the 20 moving average, a bullish trend marker,is at 12.33
That's a target for sure. and as it slides up in coming days...maybe 12.50 where the last pivot plunge low is.
Those are targets. and below that are the series of pivot lows from 11.70-11.20 made in January/February .
Sometimes watching the zig zags of price action play around a zone ,like here at 13 or 14, can lull one to sleep or hypnotize you into feeling like price wont fall any lower, and then all of a sudden it gets slammed down 2 dollars lower.
I can feel it setting up here now.
I'm watching the resistance zone above,at 14-15 area first, to see where/IF price fails. and not looking to buy at 13 now. until I see what kind of selling effort plays out in coming days, if any.
The down side targets have always been in play... the 10.00-14.00 area. Even when GALT was bursting to 17 a few times, those bottom zone targets were always in play. They are especially in play now. 10 to 13
The strongest magnet targets if they can be ranked, would at the moment be, 12.50/12.25 area
12
11.75 area
11.20
10.50 and 10
This note of caution here, as price sits around the latest pivot low at 13.10....might be a day or two premature, IF price does hold at 13, as a bottom base now. 13-12.70 area is a Key support zone in the greater chart pattern, but The chances of another 1 dollar or two dollar plunge have to be anticipated as possible. and so the lower targets remain in play.is how I see it.
GALT is very volatile.
