RSLS Short Term Retracement Still Showing Levels

NASDAQ:RSLS   ReShape Lifesciences, Inc.
Only did the fib retracement back til July because before that the levels are just absurdly higher. So sticking to some level of relevance, we can start to see what areas have materialized as potentially "important" in my opinion. For RSLS , the 786 fib has been a level of high traffic and pivot for the stock. It was previous support back in July and into August, then turned into resistance ever since.

Similar to Kosmos, ReShape hasn’t released much recent news. However, a new VP of Operations and R&D in August along with more substantial revenues for the quarter have been two things traders have focused on. Furthermore, insider buying from CFO Thomas Stankovich this summer came as a vote of confidence for some. Stankovich picked up nearly $50,000 worth of RSLS stock toward the end of August.

However, the company has presented at several industry events and was given a notice of allowance by the US Patent & Trademark Office titled “Intragastric Device” late last month.

RSLS Stock Forecast
According to the World Health Organization, worldwide obesity has nearly tripled since 1975. With an ever-growing population, there remains a constant need for helping those hit by this disease. This week Maxim Group initiated coverage on ReShape with a Buy rating and a price target 167% higher than retail levels on October 8th. Maxim joins other analysts like Alliance Global, who also has a hefty price target on RSLS stock. It sits at $10.25 or roughly 290% higher than where RSLS opened on Friday.


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