August 31, 2016

GLAXO multiple time frame technicals

Daily charts
- stock is trending down this year
- stock has also made a new 52 week low

- today there was an intraday spike of 10% in the stock

- my buy above level is 3200

But weekly charts show a different picture.

Stock has very good support around 2940... this is infact a 2 year low/ double bottom whatever you call it. So for a long (contra) trade your risk is very low.

On monthly charts, next support is around 2400

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