GlaxoSmithKline Pharmaceuticals Limited (GLAXO) Stock - Complete Technical Analysis - Sep 05, 2024

"GlaxoSmithKline Pharmaceuticals Stock Analysis: Key Levels

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Technical Analysis of GlaxoSmithKline Pharmaceuticals Limited (GLAXO)

The stock of GlaxoSmithKline Pharmaceuticals Limited (GLAXO) is currently trading at 2,814, which is approximately 8.87% below its 52-week high of 3,088 and about 103.17% above its 52-week low of 1,385. The current price is positioned just above key moving averages, suggesting a potential for both support and resistance near these levels.

Support and Resistance Levels:

Immediate support is expected around the Classic Pivot S1 level of 2,602, with further support at Camarilla Pivot S1 of 2,710 and Fibonacci Pivot S1 of 2,698.

Resistance levels can be observed near the Classic Pivot R1 at 2,988 and the Fibonacci Pivot R1 at 2,992. The upper resistance level can be found at Woodie Pivot R1 of 2,944.

Technical Indicators:

The MACD is currently showing positive momentum, indicating a bullish trend. However, the RSI is at neutral territory, suggesting no strong overbought or oversold conditions.

The ADX value indicates a strong trend, with the stock exhibiting a solid directional movement.

The Stochastic and Stochastic RSI values are in the lower range, implying potential for upward movement if buying interest increases.

The Commodity Channel Index and Williams Percent Range are in the negative zone, suggesting a potential for a price correction.

Moving Averages:

The stock price is trading near the Exponential Moving Averages (EMAs) of 10 and 20 days, which are around 2,830 and 2,827, respectively. The stock is also above the 50-day EMA of 2,733, reinforcing the bullish outlook.

The 200-day EMA at 2,300 acts as a strong long-term support level.

Chart Patterns:

The price is currently near the Ichimoku Base Line and Volume Weighted Moving Average, suggesting that these levels might act as dynamic support or resistance.

The Hull Moving Average and Simple Moving Averages are also in close proximity to the current price, indicating key levels for trend validation.

In summary, GLAXO stock is in a bullish trend with significant support levels at lower pivots and resistance at higher pivots. Traders should watch the stock's behavior around these key levels to make informed decisions.