GlaxoSmithKline plc (GSK) has been drifting lower since early May but buyers are showing us signs they are interested and bullish. Depends on your perspective. Let's check out the charts.
In the daily bar chart of GSK, below, we can see that prices declined from January into late March. GSK rebounded in April but as noted above, it has been drifting lower for two months. The shares have been finding buying interest around $40 but remain below the declining 50-day moving average line and the flat 200-day moving average line.
The daily On-Balance-Volume (OBV) line shows a good rise from March and only a slight dip this month. The 12-day price momentum study shows equal lows since May even though prices have made lower lows. This is a subtle bullish divergence.