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What Are the Technicals Implying For Galectin Therapeutic (GALT)

The EU will unveil proposals for a digital tax on US tech giants on Wednesday, reported France 24. The special tax is the latest measure by the 28-nation European Union to levy fees on Silicon Valley giants and could further inflame a trade row pitting the EU against US President Donald Trump. 

As the proposed digital tax would be applied on the basis and geography of digital users, Facebook (FB) would face levies, along with Alphabet’s Google (GOOGL), and Amazon (AMZN), among others. Companies with annual revenue of less than $924 million may not face the new fees. EU Economics Affairs Commissioner Pierre Moscovici will present proposals aimed at recovering billions of euros from mainly US multinationals that shift earnings around Europe to pay lower tax rates. 

The new tax has been championed by French President Emmanuel Macron and will be discussed over dinner at an EU leaders summit on Thursday. The unprecedented tech-tax follows major anti-trust decisions by the EU that have set back Apple, Google and Amazon.

After a recent look, we have noticed that the Chaikin Oscillator is under zero for Galectin Therapeutic (GALT). Traders may be paying close attention to the stock and looking out for possible bearish momentum.

When it comes to setting up a winning stock portfolio, many investors will select a wide variety of securities in order to minimize risk. This may include choosing a mix of small cap, large cap, value, and growth stocks. Many investors will also include foreign stocks in the portfolio as well. Once the portfolio is set up, investors may realize that they need to rebalance from time to time. Investors may find it extremely helpful to stay up to date and know exactly what holdings they have. When hard earned investing dollars are at stake, individuals may be best served to monitor the portfolio closely at all times. Putting in the extra time and effort to acquire stock market knowledge may help the investor become better prepared for the long haul. 

The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of stock price movements. The RSI was developed by J. Welles Wilder, and it oscillates between 0 and 100. Generally, the RSI is considered to be oversold when it falls below 30 and overbought when it heads above 70. RSI can be used to detect general trends as well as finding divergences and failure swings. The 14-day RSI is presently standing at 40.86, the 7-day is 45.71, and the 3-day is resting at 68.36.

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We can also take a look at the Average Directional Index or ADX of Galectin Therapeutic (GALT). The ADX is used to measure trend strength. ADX calculations are made based on the moving average price range expansion over a specified amount of time. ADX is charted as a line with values ranging from 0 to 100. The indicator is non-directional meaning that it gauges trend strength whether the stock price is trending higher or lower. The 14-day ADX sits at 23.62. In general, and ADX value from 0-25 would represent an absent or weak trend. A value of 25-50 would indicate a strong trend. A value of 50-75 would indicate a very strong trend, and a value of 75-100 would signify an extremely strong trend.

Interested investors may be watching the Williams Percent Range or Williams %R. Williams %R is a popular technical indicator created by Larry Williams to help identify overbought and oversold situations. Investors will commonly use Williams %R in conjunction with other trend indicators to help spot possible stock turning points. Galectin Therapeutic (GALT)’s Williams Percent Range or 14 day Williams %R currently sits at -58.62. In general, if the indicator goes above -20, the stock may be considered overbought. Alternately, if the indicator goes below -80, this may point to the stock being oversold.

Galectin Therapeutic (GALT) currently has a 14-day Commodity Channel Index (CCI) of -70.49. Active investors may choose to use this technical indicator as a stock evaluation tool. Used as a coincident indicator, the CCI reading above +100 would reflect strong price action which may signal an uptrend. On the flip side, a reading below -100 may signal a downtrend reflecting weak price action. Using the CCI as a leading indicator, technical analysts may use a +100 reading as an overbought signal and a -100 reading as an oversold indicator, suggesting a trend reversal.

Moving averages can help spot trends and price reversals. They may also be used to help find support or resistance levels. Moving averages are considered to be lagging indicators meaning that they confirm trends. A certain stock may be considered to be on an uptrend if trading above a moving average and the average is sloping upward. On the other side, a stock may be considered to be in a downtrend if trading below the moving average and sloping downward. Shares of Galectin Therapeutic (GALT) have a 7-day moving average of 3.44.

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