This is why I Don't "throw away " (ignore), the technical charting.
Nor the fundamental analysis that all you knowledgable folks here understand. I try to pay attention to both.
Today, the 10.80 target zone is hit.
Its what represents the 11 magnet zone.the next step down from those January pivot lows(11.20-11.70)
not only did the lowest January pivot low point ,11.20 get hit, but after a few bounces around there and 11.10 price just plunged down through it without a whistle . straight to the 10.80 as an overshoot of 11
Now, those pivot points (11.10-11.80) become Resistance overhead.
I might guess all the selling at this point is the effect of the biotech sector sell off. , which will have to stop at some point.
GALT technical chart has the price now entering the lowest bottom zone range that I can see, (10.80-9.80) ...Those January pivot low zone (11.70-11.20) was still within the scope of a 'normal' pullback zone.
and now, this lowest chart extreme zone (9.80-10.80) appears to me as a ridiculous oversold zone, which would likely get bought strongly, the same way the fall to 5.35 last November did.
11.50 area was a technical buy zone, and this 10.80 area is also.
But 10.80 represents the 11 magnet area.
The next level down on the chart looks like a zone from 9.65-10.65 as the next zone to watch for. (I call it 9.80-10.80)
One of these days, the selling will stop.
Yes, the fundamental analysis is likely as strong as you describe, and n principle, price should never be this low, but here we are.
When the fundamental analysts cant understand how or why price could fall this low, as a technical chartist, I don't 'understand ' why either, but I do understand how technical chart price action, and chart patterns seem to move, and the technical tools point the way.(I don't know how it works, just that it does)
Through the entire 'pullback' down from the 19.11 top... there were technical support zones where buying more shares, was the technical bargain at those key points. The first zone that looked ok to buy was around 14 dollars. but not higher.
Then progressively lower , around 13, 12, and 11.50 was a key support zone.
The next one after that is here at 10.80(11 magnet.)
Now, the full bottom zone, as I see it in the chart (I could be wrong) is the zone (10.80-9.65) My own stink bid, had been here at 10.80 but I changed it last week and reset it to 10.35 area) but anywhere in that zone down to 9.70 area is in the zone.
Do your own technical charting diligence , and good investing to all.
