New York, August 23rd (TradersHuddle.com) - GlaxoSmithKline plc (NYSE:GSK) closed the trading day at $45.86, near its 50 day and 200 day moving averages set at $45.92 and $45.17 respectively. GlaxoSmithKline's price action placed the stock above the 200 day moving average but below its 50 day moving average, a setup that signals a possible break out.
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 seems to be setting up for a tight range between the 200 day moving average as support and the 50 day moving average serving as resistance.
A tiered approach, appears to be the best strategy to maximize possible movements in the stock, as traders could establish a small position in GlaxoSmithKline and wait for the stock to break out above its 50 day moving average at $45.92. Then they could add to the position as momentum builds with the breakout. On the flip side, if support being referenced at the 200 day moving average set at $45.17 breaks, it could signal further downside pressure for GlaxoSmithKline.
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