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Possible Bearish Inside Day Candle Pattern Detected for Galectin Therapeutic (NASDAQ:GALT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Galectin Therapeutic (NASDAQ:GALT) based on the price action in the company's shares. Yesterday's price range of $1.39 and $1.52 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Galectin Therapeutic may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 546.3% for shares of Galectin Therapeutic based on a current price of $1.47 and an average consensus analyst price target of $9.50. Galectin Therapeutic shares should encounter resistance at the 200-day moving average (MA) of $1.90 and support at the 50-day MA of $1.44.

Galectin Therapeutic share prices have moved between a 52-week high of $4.40 and a 52-week low of $1.08 and closed yesterday at 36% above that low price at $1.47 per share. Over the past week, the 200-day moving average (MA) has gone down 1.5% while the 50-day MA has advanced 0.9%.

Galectin Therapeutics Inc. is a drug development company. The Company creates new therapies for fibrotic disease and cancer using its carbohydrate technology that targets galectin proteins which are key mediators of biologic and pathologic functions. Gelectin uses naturally occurring carbohydrate polymers with galactose residues to create complex carbohydrates.

SmarTrend is tracking the current trend status for Galectin Therapeutic and will alert subscribers who have GALT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle galectin therapeutic

Ticker(s): GALT