raghavendrakumart
Long

Glenmark Pharma - Long term investment BUY

NSE:GLENMARK   GLENMARK PHARM
1. Clear A-B-C fall in formation.
2. Clear 5 waves fall in formation in the C wave. Referring to weekly and day chart.
3. Positive divergence in RSI ( 9 and 14 period ). MACD ( slow and fast )
4. 62% retrace of the rise from 119 to 1263 is a 552.
5. Previous weekly consolidation zone in 609 to 487 ( expanded range )
6. Month timeframe slow stoch in oversold zone. Last time it reached cycle low at 301 and in 2016 at end of A wave.

Structurally stock warrants a buy from CMP to 480 approx levels ( around 20% max risk ) for a 50% upside over the next 24 to 36 month time period.
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