GlaxoSmithKline Pharmaceuticals, a major player in the pharmaceutical industry, is displaying technical signals that suggest a potential swing trade opportunity.
Reasons are listed below :
Target - 2940 // 3600
Stoploss - weekly close below 1950
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
Reasons are listed below :
- Breakthrough of Strong Resistance (1800-1900): The 1800-1900 range was a significant resistance level. The price has broken through, retested, and is now making new highs, indicating strong bullish momentum.
- Breaking a 9+ Year Consolidation Phase: The stock has emerged from a consolidation phase that lasted over 9 years, signaling a potential new long-term bullish trend.
- Bullish Engulfing Candle on Weekly Timeframe: The recent bullish engulfing candle on the weekly chart indicates a significant shift towards bullish sentiment, engulfing the previous week's candle and suggesting further upward movement.
- 0.5 Fibonacci Support: The stock has found support at the 0.5 Fibonacci retracement level, reinforcing the potential for a continued bullish trend after a retracement.
- Increased Volumes: A noticeable increase in trading volumes confirms the strength of the price move, indicating strong investor interest and participation in the current trend.
- Trading at All-Time High: The stock is trading at its all-time high, suggesting strong market confidence and the potential for further gains. However, it's also important to monitor for signs of overextension or profit-taking at these levels.
Target - 2940 // 3600
Stoploss - weekly close below 1950
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights