GlaxoSmithKline's shares in tentative rebound

Market chart showing uptrend
GlaxoSmithKline and Sanofi, the two pharmaceutical groups, said they have signed agreements with the Canadian government to supply up to 72 million doses of adjuvanted COVID-19 vaccine. Financial terms were not disclosed.

From a technical point of view, a support base has formed at 1428p and has allowed for a temporary stabilization. The daily Relative Strength index (RSI, 14) remains within a bearish channel. A break above the upper end of the pattern would call for a recovery. As long as 1428p is support, a limited rise towards the key resistance at 1561p is likely. Alternatively, a push below 1428p would call for a bearish acceleration towards March low at 1328p.

Source: GAIN Capital, TradingView


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