123tom: Your TA is useful but the IBB index was down like 4% today. That means that on average all biotech stocks were down by the same amount. The IBB is off something like 20% from it highs. So basically all biotech stocks are off about 20%. The entire biotech sector has been in a correction. GALT has corrected its 20% as well. The correction waited in its shares until after the phase results were announced. Had the IBB not been correcting, we would have seen a huge rally in GALT with the phase 1 results. Smart money is likely loading up the declines in all of the good stocks and then the sector will recover and then we will test new highs. IMO.
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