📊 GLAXO-1H (PSX) – Short-Term Analysis; Targeting: 435 - 475
CMP: 410
GlaxoSmithKline Pakistan Limited (GLAXO) is currently trading within a critical Golden Pocket Zone, between the 50% and 61.8% Fibonacci retracement levels, around 423.69 to 411.50. This zone often acts as a strong support area where price reversals are highly probable. The Stochastic RSI is deeply oversold, indicating that selling pressure may be exhausting and a potential bounce could be near. Price action is stabilizing around 410, suggesting short-term support. As long as GLAXO holds above 410, there is a good chance for a rebound toward 423–425 initially, and further upside toward 435–445 & 461 - 475 if momentum builds. However, a breakdown below 400 would weaken the bullish setup and open room for more downside. Cautious optimism is advised while monitoring for confirmation signals above 415.
CMP: 410
GlaxoSmithKline Pakistan Limited (GLAXO) is currently trading within a critical Golden Pocket Zone, between the 50% and 61.8% Fibonacci retracement levels, around 423.69 to 411.50. This zone often acts as a strong support area where price reversals are highly probable. The Stochastic RSI is deeply oversold, indicating that selling pressure may be exhausting and a potential bounce could be near. Price action is stabilizing around 410, suggesting short-term support. As long as GLAXO holds above 410, there is a good chance for a rebound toward 423–425 initially, and further upside toward 435–445 & 461 - 475 if momentum builds. However, a breakdown below 400 would weaken the bullish setup and open room for more downside. Cautious optimism is advised while monitoring for confirmation signals above 415.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.