GLMD entered bullish trendGalmed just popped out of a downward trend that has been lasting several years. Galmed is an unprofitable micro cap ($94M) in the biotech space. It has less than $1M in revenue but it is showing strong revenue growth and is financially very healthy, so its fundamentals are strong and that's something that I personally like to see, even when I trade (should things go wrong I feel I can confidently hold the stock).
In its final phase it formed a cup & handle pattern as well as a double bottom, both bullish patterns. Volume on breakout was about 20x the average. Today it took a breather, with volume still 6x higher than average.
- RSI is high on the daily chart but reasonably low on the hourly and weekly charts. The trend is positive.
- Weekly MACD is indicating a strong upward momentum
- Weekly TSI is about to enter into positive territory
I would expect easily 50% growth in the short term, but the analyst's PT is $17 so this is a good stock to hold even in the medium term.
As usual, this is not investment advice. I am not a professional trader, mine is just an opinion. Do your own research before trading.
Good luck!
