I would actually think it could push lower (very temporarily) but this isn't a bad thing at all, its part of the stock market.
Although a drop of half a cent is certainly no reason for alarm bells just yet and theres a case for support being at 32c when looking back to initial sp boost.
Before any major run there is usually a pushdown - in Galena's case there are a couple of reasons why this may suit.
The first and most common reason is to go fishing for stops.
Galena has looked to have a strong support at 32.5c so a few people may have set stops just below this level or may manually tap out also.
Galena isn't a heavily traded stock and most retail have had their chance to purchase so MM probably won't need to lose too many shares checking out whats below.
The second reason to get the sp to trade at a lower level is if the aforementioned TO is on the cards then the premium will look even juicier if the VWAP is lower when they announce this.
This might not be what some want to hear but I'd actually be getting very excited if you see signs of a pushdown as it means we are very close and IMO is a buy signal.
Galena has a history of the drop and pop method but if you're not convinced then check out the chart before the last big run...
I'd much rather if it just started running tomorrow - we all know its ticked all the boxes to take the next leg up - but I've kept a stash aside if things do drop briefly, I'd suggest you do the same if you are a buyer.
I'm happy either way as I know where the sp will be soon enough and it's a long way up from here...
GLTAH
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