Galena Biopharma (GALE) is a biotechnology company focused on discovering, developing and commercializing innovative therapies addressing major unmet medical needs using targeted biotherapeutics. This stock is trading up 2.4% to $2.13 in recent trading.
Today’s Range: $2.09-$2.16
52-Week Range: $1.04-$2.45
Volume: 1.83 million
Three-Month Average Volume: 1.67 million
From a technical perspective, GALE is bouncing higher here right above its 50-day moving average of $1.88 with above-average volume. This stock has been uptrending strong for the last three months, with shares moving higher from its low of $1.48 to its recent high of $2.18. During that move, shares of GALE have been making mostly higher lows and higher highs, which is bullish technical price action. That move is now quickly pushing GALE within range of triggering a near-term breakout trade. That trade will hit if GALE manages to clear some near-term overhead resistance levels at $2.07 to $2.18 with high volume.
Traders should now look for long-biased trades in GALE as long as it’s trending above its 50-day at $1.88 and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.67 million shares. If that breakout triggers soon, then GALE will set up to re-test or possibly take out its next major overhead resistance levels at $2.35 to $2.50. Any high-volume move above $2.50 will then put $3 to $3.54 into range for shares of GALE.
Sentiment: Strong Buy
Thanks for sharing this. From a pure technical point of view, this captures the price movement of Gale nicely.
However, we should not lose sight that price movements of any stock must to supported by strong positive catalysts. And we are indeed expecting positive developments in Gale in the coming few months.
Those 9 reputable analysts must have done thorough DDs before they give buy ratings and an average price target of $4.50. Therefore, it is safe to say that Gale will get there.
Very Strong Buy of Gale shares!!!
KOZMO, Very good post , Put together with a lot of facts,numbers and a time consuming thoughts of GALES movement professional post good job. Thanks we need more posts like that.You, STOCK,AUTUMN DAN and a few more their names escape me right now.Those types of posts makes this a real M/B. Thanks again for using your time for a fact filled post instead of rambling just to have a post. A thumbs up to you. TELLY 2011
TELLY, I appreciate your post but I have to give credit to the stockpickr site. I reposted it from a March 26th article. I also feel that it's good info and that it shows a trend that will continue and gain more momentum as we approach the ASCO conference and the interim results to follow. Thanks again.
Sentiment: Strong Buy