Haleon (LON: HLN) share price has been on a tear for the past few days. The stock has risen from a low of 306p in early July to a high of 329p on July 19. This translates into a 6.5% gain in the shares of the maker of Sensodyne and Panadol. The latest analysis reveals more upside for the stock.
The UK shares are catching up with their US counterparts as the FTSE 100 index is showing a strong recovery from July lows. The benchmark index has been up 5.65% in the last 10 days and is now retesting its resistance of 7,600 level. After a 3.56% price increase on Wednesday, Haleon shares are consolidating today.
Haleon Partners With Futura Medical For ED Treatment
The overall market environment has been supportive of healthcare stocks. The S&P 500 Healthcare Index is up about 10% year-to-date, outperforming the broader market. Furthermore, Heleon plc recently announced that it had received regulatory approval for a new version of its flagship product, Sensodyne toothpaste.
In other news, Heleon has partnered with UK-based Futura Medical. With this treatment, Haleon has entered into the race for ED treatment. These positive news are acting as tailwinds for the Haleon share price, which is now trading at its highest level since June 26.
Haleon Share Price May Surge To 357p
The technical analysis of HLN shares is also bullish. The stock has bounced off the 306p support level and has also broken out of the downward trendline, which was acting as a resistance since April 2023. This breakout has the potential to push prices much higher. The first major level to reclaim is the 332p level.
Haleon share price will flip very bullish if it breaks above the 332p level. This level comes from the confluence of the 0.5 fib retracement region with June highs. A reclaim of this level could send the stock to retest April 2023 high, which lies around 357p. This will be almost a 9% increase from this level.
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