GSK.L closes below its opening price unable to hold early session gains
GlaxoSmithKline (GSK.L) Technical Analysis Report for Jul 13, 2018
GSK.L ended the week 1.82% higher at 1576.00 after edging lower £0.60 (-0.04%) today. Trading £12.20 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was £17.20 (1.09%), that's below last trading month's daily average range of £22.67. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 1572.00. Unable to break through the key technical resistance level at 1590.00, the stock closed below it after spiking as high as 1592.20 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.