Below Support: GlaxoSmithKline
Published on Monday, 04 June 2012 08:28 Written by TradersHuddle Wire
New York, June 4th (TradersHuddle.com) - Shares of GlaxoSmithKline plc (NYSE:GSK) closed the trading session at $43.45 below calculated support at $43.55. The stock broke down technically, raising concerns as the move might trigger additional selling.
GlaxoSmithKline plc (NYSE:GSK) 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. Its over the counter medicines and health related consumer products are marketed under brand names like Panadol, Nicorette, Breathe Right, Tums, Aquafresh, and Sensodyne among others.
GlaxoSmithKline's stock was trading in a well defined range with support at $43.55 and resistance at $47.48; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.
From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $43.55 will remain in focus as GlaxoSmithKline's price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.
Traders wanting to establish a short position in GlaxoSmithKline can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $43.55. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.
- AT&T And America Movil To Provide Deeper National Reach For Advanced Enterprise Services Across Latin America
- AT&T 4G LTE Available In Willimantic
- AT&T 4G LTE Available In Torrington
- AT&T And The University Of Kansas Team Up To Enhance Wireless Coverage On Lawrence Campus
- AT&T 4G LTE Available In Fargo
- AT&T 4G LTE Available In Amarillo
- Benefitfocus Announces Pricing of Initial Public Offering
- Trends of China Gear Industry 2013 Analysis & Reviewed in New Research Report at RnRMarketResearch.com
- Product Launch Formula 4.0 Bonuses Total $5000 at BrianHanson.com
- Datex Presents Motorola Solutions Webinar “Is It ‘Smart’ to Use Smartphones for the Enterprise?”
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines
Dow JonesCompany ID [INDEXDJX:.DJI] Last trade:17,949.37 Trade time:4:34PM EDT Value change:▲19.38 (0.11%)
S&P 500Company ID [INDEXSP:.INX] Last trade:2,102.95 Trade time:4:34PM EDT Value change:▲4.09 (0.19%)
NASDAQCompany ID [INDEXNASDAQ:.IXIC] Last trade:4,862.57 Trade time:5:15PM EDT Value change:▲19.90 (0.41%)
In The Wires
GW Pharmaceuticals Commences Phase 1 Clinical Trial of GWP42006 as a Potential Treatment for Epilepsy
NTT Communications and JBA's SDN Project Wins IBC 2013 Innovation Award
Frost & Sullivan Honours Interactive Intelligence with its EMEA Contact Centre Company of the Year Award
AT&T And America Movil To Provide Deeper National Reach For Advanced Enterprise Services Across Latin America
$500,000 Shopify Build a Business Competition Has Just Been Announced for 2013
Solomon Associates Hydrocarbon Loss Reduction Seminar Shares Practices that Lead to Significant Savings
AT&T 4G LTE Available In Willimantic
AT&T 4G LTE Available In Torrington