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New York, February 8th (TradersHuddle.com) - GlaxoSmithKline plc (NYSE:GSK) closed the trading day at $45.28, near its 50 day and 200 day moving averages currently set at $44.18 and $45.17 respectively. GlaxoSmithKline's price action placed the stock above these important levels, which could translate into a trading opportunity.

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.

Although, the price is above important moving averages, it's important to highlight that this is not a prime setup for buying the dip strategy, as the 50 day moving average is currently below the 200 day moving average.

The peaks and troughs algorithm shows calculated support at $41.68 and resistance at $47.40. These levels should also be evaluated by traders when planning their next move, as they provide an insight into the latest price action.

If traders want to establish a long position in GlaxoSmithKline, it will certainly be better to wait, given that the stock is technically broken with the 50 day moving average trading below the 200 day moving average. Traders can also look at the current range defined by the peaks and troughs to establish a short trade versus those levels.

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