Galectin Therapeutics Inc. (GALT)

[123tom]

How about if the greater market turns chaotic,or we see the biotech index,IBB, make another downwave in a larger cycle.

could individual biotech stocks also move in tandem, which would mean GALT might struggle around 15/16 area, and IF the next down wave happens....where would it go before it finds a bottom again.

In a strong bullish trend wave structure, we would likely see that smaller pullback you mention, and GALT hold support at 13, hit 16, hold support at 14, and move forward at these levels, and 13 would become solid support.

But IF we get another biotech downwave,thru the summer, GALT might not hold a small pullback, it could retest 10 at least.

In my sense of the trading energy, what seems more important to me right now is watching the overhead resistance. From a top at 19 to a bottom at 10....the 50 % bounce would bring GALT back to 14.50 area....right where the 50 ma is near, 14.75 area
The 62 % area is around 15.50...so its the 15 area to watch out for.

15 to peak and 13 to hold a pullback.... a balance point around 14.

all that support zone around 14.25 area I had bought some GALT at 13 a while back. I might need to sell a bit of it around 15 or 16.