Thursday, July 11, 2013 11:54 PM / TheAnalyst
Today, GlaxoSmithKline Plc sustained its flat position, indicating an indecision posture of both the investors and shareholders towards the stock after the steep decline of -10.00% recorded recently.
The market outlook in the last one week reveals a continued moderate sell-down tendency towards the stock, leading it to experience a -10% price fall with a corresponding moderate bearish volume, erasing the +8.00% gain recorded in the previous week.
Further analysis would suggest possible active profit-taking towards the stock anytime soon - a possibly strong price correction appears to loom as the price had rallied significantly by +50.78% so far in the year, hitting is Year-High at N68.00 on June 12th 2013.
The technical indicator(MACD) reveals low bargain tendency towards the stock while it closed neutral in short term but maintained bullish posture in mid-long term period as revealed by its price moving averages at the end of today's session. This further indicates in-coming bearish sentiments towards the stock.
To buttress this further, we observed a sharp decline in price momentum with similar pattern in money flow index while volume analysis reveals sustained sell-down as volume traded appeared weak; below its 15days moving average.
However, the price performance analysis revealed the stock to have experienced low price volatility, trading within the range of N68.00kobo (Year-High) and N45.10kobo (Year-low) while it 52weeks price performance stood at +161.04% with YTD gain of +33.70%. Today, GlaxoSmithKline Nigeria PLC traded at N60.30, indicating -12.77% below its 52-week high of N68.00kobo, recorded on Jun 12th, 2013.
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