Is GlaxoSmithKline Setting for a Break?
Published on Tuesday, 11 December 2012 08:08 Written by TradersHuddle Wire
New York, December 11th (TradersHuddle.com) - GlaxoSmithKline plc (NYSE:GSK) closed the the trading session at $43.97, near its 50 day and 200 day moving averages currently set at $44.54 and $45.33 respectively. GlaxoSmithKline's price action places the stock below these important levels, which makes it difficult to be bought, as it will certainly face resistance as it approaches these important moving averages.
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.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $41.68 and resistance at $47.40. Traders should monitor these levels, as they provide insight into the latest price dynamics in GlaxoSmithKline.
If traders want to establish a position on GlaxoSmithKline, given the heavy resistance expected near the 50 and 200 day moving averages, a trade might be evident as the stock manages to break these moving averages. However, until the break materializes buying the stock is nothing different than flipping a coin.
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