GlaxoSmithKline shares in tentative rebound
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.
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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
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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