GLENMARK , Diamond pattern formation, About to breakout trend

Time frame - 1 D
Chart pattern - Diamond formation.

1. Diamond formation is at bottom of downtrend, signaling trend reversal.
2. Chart has already taken support multiple times around 486 levels.
3. Support is at important fibo level of 0.786 adding more conviction.
4. Now, if breakout is supported with volume the can give target of 615.
5. Risk : Reward ratio- 1:2.5 ; SL - 585 ; Entry - 520-530

#Diamondformation #Patternbreakout

Comment:

1. Currently the stock seems to be taking support again at 0.786 fibo levels.
2. The similar zone has acted as support earlier too.
3. An upward movement with good volume can add more conviction.
4. An upside potential stock which can result into 20% gain.

#Glenmark #Pharma #Equity