John_morales1

Past breakout identified and potential long term run

Long
NASDAQ:GALT   Galectin Therapeutics Inc
GALT has shown an ascending pattern over the last few days and it is soaring over this past trading day (12/29/2017). It broke yesterday’s resistance level and ran up to a high of 3.84 before it started selling off. Moreover, the stock rode the 13EMA for the past few days. It re-tested the 13EMA earlier today before bouncing back up. I re-evaluated a potential resistance line at $4 as the next dollar up from the bought price is usually a strong psychological resistance level . I can see traders taking their profits here but at the same time I would not sell if you are holding this stock until it re-tests the 13EMA and breaks down through it. Furthermore, if you are thinking of buying into it, don’t buy into it until the stock breaks through the $4 resistance line. I see this happening within the next few days but it all depends on tomorrow's open. If it opens higher than tonight’s close, then I can see the resistance line being broken within two trading days. If it opens below then this might be a sign of a decline as the breakout could have been said to occur where the circle is marked. If you are still looking to buy into the stock, I would recommend waiting until the stock either re-tests the 13EMA or begins trending in a bearish pattern .

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