GlaxoSmithKline's 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.

Uptrend 2

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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