GlaxoSmithKline plc Stock Forecast

GlaxoSmithKline plc stock upgraded from Hold/Accumulate to Buy Candidate after Thursday trading session.
(Updated on Apr 25, 2024)

GSK.L Signals & Forecast

A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 3.60%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The GlaxoSmithKline plc stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at £1,654.39. On a fall, the stock will find some support from the short-term average at £1,619.93. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. The stock had a Golden Star Signal on Tuesday, December 19, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for GlaxoSmithKline plc stock

GlaxoSmithKline plc finds support from accumulated volume at £1,611.20 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved £21.50 (1.31%) between high and low. For the last week, the stock has had daily average volatility of 1.60%.

Our recommended stop-loss: £1,560.77 (-4.86%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 5 days ago.)

Trading Expectations (GSK.L) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect GlaxoSmithKline plc to open at £1,644.00, and during the day (based on 14 day Average True Range), to move between £1,613.97 and £1,667.03, which gives a possible trading interval of +/-£26.53 (+/-1.62%) up or down from last closing price. If GlaxoSmithKline plc takes out the full calculated possible swing range there will be an estimated 3.23% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at £1,649.60 (0.55%) than the support at £1,611.20 (1.79%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is GlaxoSmithKline plc stock A Buy?

Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for GlaxoSmithKline plc stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 2.283 Buy Candidate Upgraded

Predicted Opening Price for GlaxoSmithKline plc of Friday, April 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.