• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for GlaxoSmithKline (NYSE:GSK)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in GlaxoSmithKline (NYSE:GSK) based on the price action in the company's shares. Yesterday's price range of $42.71 and $43.22 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of GlaxoSmithKline may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 9.5% for shares of GlaxoSmithKline based on a current price of $43.17 and an average consensus analyst price target of $47.25. GlaxoSmithKline shares have support at the 50-day moving average (MA) of $41.11 and additional support at the 200-day MA of $40.86.

In the past 52 weeks, shares of GlaxoSmithKline have traded between a low of $37.24 and a high of $46.76 and closed yesterday at $43.17, which is 16% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has remained constant.

GlaxoSmithKline plc is a research-based pharmaceutical group that develops, manufactures and markets vaccines, prescription and over-the-counter medicines, as well as health-related consumer products. The Group, which also provides laboratory testing and disease management services, specializes in treatments for respiratory, central nervous system, gastro-intestinal and genetic disorders

SmarTrend is tracking the current trend status for GlaxoSmithKline and will alert subscribers who have GSK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle GlaxoSmithKline

Ticker(s): GSK