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Neighbour: Shorting GSK as pharma stocks catch a cold

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September 10, 2015 'ft, equities, equities 2014, equities prices, equities saxo, equities strength, equities trading, equities v bonds, equity, equity bubble, equity clients, equity correction, equity decline, equity index, equity market, equity market 2014, equity markets, equity platform, equity portfolio, equity portfolios, equity research, equity rise, equity risk premium, equity strategy, equity trading, equity us, eurozone, ftse, ftse 100, ftse 100 index, ftse bearish, ftse gains, ftse index, ftse index 100, ftse investing, ftse trading, ftse100, glaxosmithkline, gsk, pha, pharma, pharma space, pharmaceutical, pharmaceutical sales, pharmaceuticals, saxo tv, tradingfloor.com, weq
Joe Neighbour has been tracking GlaxoSmithKline, a big pharma stock that seems to be in a worsening condition.

Joe explains that; "A number of stocks are also showing signs of fatigue. The pharmaceutical stocks are of particular interest and following the underperformance seen by GlaxoSmithKline yesterday, it's these I've targeted for some attention.".
Joe also points out that the FTSE fell at the 50% retracement level with many stop losses taken out before settling around the 6250 level.   
On the charts there's the underside of a Bearish Flag pattern, and a Top pattern which completed in August, Joe now sees a rally to the neckline of the pattern, together with a Bearish Engulfing candle on the daily charts resistance line  
Joe plans to sell at market.
Stop: GBP 14.05
Target: GBP 11.50