Gala (GALA) – Short-term outlook at risk of further deteriorationPosted on Monday, November 28 2022 at 8:09 pm GMT+0000
Gala (GALA) sellers rekindled the short-term negative bearing following a minor recovery, and are currently confronting the last intraday bottom with the aim to underpin the current structure.
The 100- and 200-period exponential moving averages are negatively charged and the oscillators are suggesting that the negative impetus has jump-started. The TSI crossed back below its trigger line in the negative region and the Awesome Oscillator is falling below its neutral mark.
Hence, sellers will become more confident that the descent will gain more legs following a decisive move below the adjacent bottom of 0.0238. In such a scenario, those are expected to target the 161.8% Fibonacci golden number of the last up leg at 0.0222. A more aggressive decline could last until the 261.8% Fibonacci extension level at 0.0197.
On the other hand, if buyers re-emerge, they could face upside constraints around the 0.0263 – 0.0273 tough resistance area linking the November 24th top and the 100-period exponential moving average. A move higher will initially test the 200-period exponential moving average of 0.0303, while further north the November 11th intraday peak at 0.0332 will step under the radar.
All in all, Gala is surrounded by bearish vibes and a drop beneath 0.0238 will open the gate for additional negative actions. Only a fast rally above 0.0273 could ruin the current structure of lower tops and lower bottoms brightening the short-term picture.