Galectin Therapeutics Inc. (GALT)

[123tom]

and no sooner than the next trading day....comes the candlestick train Down into the target station at the 50 ma.


That write up on GALT sounded as negative as it did positive, GALT is up against big competitors.

so lets say that yes, its a good long term buy and hold candidate.
that means ....what price to buy (and then hold)

This 50 ma area is a technical target,as is the 200 ma below ,around 11.85-12.00

but if we see dilution, what will be the real bottom zone? the chart has a 'double bottom' territory at 10 dollars.
and key stair steps pivot points, from 12 down to 10, a lot between 11.70/11.20 area.

not too hard to see on the chart.

I like the Ichimoku cloud tool, see how the pink cloud zone captures the top zone/resistance area, between 13.00 and 15.25 area,and 14.40/14.70 area, from a few weeks ago.
and now, the zone from 11.00-13 area, that 200 ma looks like a magnet target to me.but the pivot lows below 11 are also in play. and the double bottom at 10, who would have imagined a month ago ,such an idea. but one step at a time, or as GALT does, one dollar plunge at a time. goes the price action.

Price could also hold here at 12.75 as well. if a million motley fools decide to buy here.

the price watching I was doing in this cycle from a few months ago, was to watch the bottom develop around 10-9 area, then, after that, was the price watching for a correction wave, back about half way to the 13.50-15 area, to hit resistance....followed by the next pullback.
The pullback has been ongoing these last few weeks. how far down will it go is the question now.



http://stockcharts.com/c-sc/sc?s=GALT&p=D&b=5&g=0&i=p01599449604&r=1404755356961