PSX: GLAXO eying a new journey to north.After touching the high of 97.50 in the recent days the stock retraced back to the level of 75. The stock is in consolidation and it is expected to crossover swing high of 86. When it closed above we may initiate a long position with the target of 128 & beyond
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GLAXO trade ideas
PSX: GLAXO HAS IT HIT THE BOTTOM ROCK.The Script has been striving to find the solid ground to lay the foundation of it north bound journey. These efforts started with the start of 2023. This consolidation period seems to be completed soon because on daily RSI chart the script has successfully found the support at RSI 50 after getting price rejection at Rs.82.
On weekly charts the the RSI has been showing bullish divergence frequently since the beginning of this year.
Since the volumes and price bar has positive outlook we can take immediate position and the Dow followers can wait to crossover the Rs.85.90 price level.
Potential TPs are at resistance levels.