bearishbull1968

glenmark is nearing the support level

NSE:GLENMARK   GLENMARK PHARM
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5
for the past 3 months stock is moving inside the range of 960 on upside and around 860 on downside
now the stock is nearing the support level
rsi is hovering between 70 to 40 during that period. this time rsi broke the crucial 40 but in the form of divergence keep it watch list stock might give big moves in coming days.

any different views????
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Comments

rsi is 36.7, on the daily chart, I did not see any divergence, which time frame your chart is? i feel we need to wait , it may touch 806 also. it appears it may take support but nowadays technical analysis it has become probabality. Big fishes trap us. Ashok leyland was a big trap, I was amazed to see its price action, but true strenth indicator was not giving buy signal. since all the indicators are lagging only price action is best to rely on. since one month the play in many stocks are really game, take for examle tata steel
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