GlaxoSmithKline shares in tentative rebound

GlaxoSmithKline and Sanofi, the two pharmaceutical groups, announced they have started the phase 1/2 clinical trial for their adjuvanted COVID-19 vaccine

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GlaxoSmithKline and Sanofi, the two pharmaceutical groups, announced they have started the phase 1/2 clinical trial for their adjuvanted COVID-19 vaccine, and aim to move into phase 3 by end of 2020.

From a chartist point of view, GlaxoSmithKline shares are posting a rebound thanks to the bullish gap opened this morning. Yesterday’s reversal candlestick may call for a possible recovery within the short term bearish trend. The Relative Strength Index (RSI, 14) on a daily chart has landed on its support at 30% (lower channel boundary) and is reversing up. As long as 1439p is support, limited upside is expected towards the congestion zone between 1561p and 1615p. Alternatively, a break below 1439p would open a path to see 1328p.

Source: GAIN Capital, TradingView

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