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

Published on Fri, 03/20/2015 - 07:35
By Mallory Stone in Candlestick, GSK, bearish am inside day candle, glaxosmithkline, nyse:gsk

Analysts have 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 $47.83 and $48.38 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 $41.25 and a high of $56.48 and closed yesterday at $48.21, 17% above that low price. The 200-day and 50-day moving averages have moved 0.25% lower and 0.99% higher over the past week, respectively.

GlaxoSmithKline (NYSE:GSK) is currently priced 0.9% above its average consensus analyst price target of $47.77. GlaxoSmithKline shares have support at the 200-day moving average (MA) of $47.23 and additional support at the 50-day MA of $45.85.

By Mallory Stone
mstone@fnno.com

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