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

Latest News from FNNO

Wolverine World Wide Looks to Continue t...

Wolverine World Wide (NYSE:WWW) traded today at a new 52-week high of $32.42. Approxim ...

Recent 52-Week Low Surpassed in Shares o...

Windstream (NASDAQ:WIN) traded at a new 52-week low today of $7.36. So far today appro ...

Verint Systems: The Winning Streak Conti...

Shares of Verint Systems (NASDAQ:VRNT) traded today at $63.48, breaking its 52-week hig ...

Watch for Continued Losses in Shares of ...

Shares of Vivo Participacoes (NYSE:VIV) traded today at $14.66, breaking its 52-week lo ...

Shares of Vascular Solutions Have Risen ...

Vascular Solutions (NASDAQ:VASC) traded at a new 52-week high today of $31.35. Approxi ...

Titan International: The Losing Streak C...

Shares of Titan International (NYSE:TWI) traded at a new 52-week low today of $8.77. T ...

Tim Participacoes: The Losing Streak Con...

Shares of Tim Participacoes (NYSE:TSU) traded today at $16.29, breaking its 52-week low ...

Tidewater: The Losing Streak Continues (...

Tidewater (NYSE:TDW) traded today at a new 52-week low of $19.75. So far today approxi ...