GlaxoSmithKline Pharmaceuticals Limited has broken the ceiling of the falling trend in the medium long term, which indicates a slower initial falling rate. The stock has broken a double bottom formation.
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A decisive break of the resistance at 1337 will signal a rise to 1439 or more. It also gave positive signal from the rectangle formation at the break up through the resistance at 1326.
Further rise to 1438 or more is signaled. The stock has support at rupee 1340 and resistance at rupee 1490. RSI above 70 shows that the stock has strong positive momentum in the short term. Investors have steadily paid more to buy the stock, which indicates increasing optimism and that the price will continue to rise. The RSI curve shows a rising trend, which could be an early signal of the start of a rising trend for the price as well. The stock is overall assessed as technically positive for the medium long term.
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