|On October 9, 2008, Glaxo Smith/Kline (GSK) announced that Fluviral was available to Canadian private customers for the 2008–09 influenza season. The stock price surged up from a low of $32.84 to a high of $40.37, eventually reaching a high of $40.47 by November 4 before following the general market correction and finding a low of $31.10 by November 21.|
|FIGURE 1: GSK, DAILY. The stock price started rising as the general market rose to reach $37.95 by December 16.|
|Graphic provided by: AdvancedGET.|
|As you can see on Figure 1, the share price started rising as the general market rose to reach $37.95 by December 16. From this level, the price fell to $35.41 by December 29. The pattern that formed is an inverse head & shoulder pattern offering a target of $47.66 (39.38 - 31.10 = 8.28 + 39.38 = 47.66).|
|The chart shows where the stock price broke above the neckline, rising to a high of $39.60 before the present correction. I would have bought as the price broke above the correction. Is the price a buy at present levels? The stochastic oscillator (8,10,3) is suggesting that the price is at overbought levels and that we could expect a correction to test the support line. Should this occur? And should the stochastic be oversold and suggest a buy, I would be a buyer, with a target of $47.66.|
This is a stock worth watching.
|Address:||3256 West 24th Ave|
|Phone # for sales:||6042634214|
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