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

Published on Mon, 04/15/2013 - 07:27
By Peter Chu in Candlestick, GSK, bearish am inside day candle, glaxosmithkline, nyse:gsk

Analyzing the price chart for GlaxoSmithKline (NYSE:GSK) has revealed a potential bearish inside day candle pattern. Yesterday's price range of $48.15 and $48.50 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.

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

In the past 52 weeks, GlaxoSmithKline share prices have been bracketed by a low of $41.68 and a high of $48.55 and closed yesterday at $48.47, 16% above that low price. The 200-day and 50-day moving averages have moved 0.11% higher and 0.61% higher over the past week, respectively.

GlaxoSmithKline (NYSE:GSK) is currently priced 0.2% above its average consensus analyst price target of $48.39. The stock should find initial support at its 50-day moving average (MA) of $45.68 and further support at its 200-day MA of $45.26.

By Peter Chu
pchu@fnno.com

Latest News from FNNO

Shares of Xerox Rise Above Previous 52-W...

Shares of Xerox (NYSE:XRX) traded today at $13.29, breaking its 52-week high. So far t ...

Recent 52-Week High Exceeded in Shares o...

Shares of Weingarten Realty Investors (NYSE:WRI) traded at a new 52-week high today of ...

Shares of VCA Antech Rise to a New 52-We...

VCA Antech (NASDAQ:WOOF) traded at a new 52-week high today of $39.50. So far today ap ...

Westmoreland Coal: The Winning Streak Co...

Shares of Westmoreland Coal (AMEX:WLB) traded at a new 52-week high today of $43.45. T ...

Shares of Windstream Rise Above Previous...

Windstream (NASDAQ:WIN) traded today at a new 52-week high of $10.57. Approximately 3. ...

Titan International: The Losing Streak C...

Shares of Titan International (NYSE:TWI) traded today at $13.97, breaking its 52-week l ...

Tupperware Brands: New 52-Week Low Set T...

Shares of Tupperware Brands (NYSE:TUP) traded at a new 52-week low today of $73.72. Th ...

Watch for Continued Gains in Shares of T...

Shares of TriQuint Semiconductor (NASDAQ:TQNT) traded today at $18.50, breaking its 52- ...