LONG in GLENMARK on NSE (INDIA)
This is weekly chart of GLENMARK on NSE (INDIA) with CMP @ 665.55. It looks a good opportunity to take a long position in the scrip based on following observations:
1. Support zone has been marked on the chart where price has taken support multiple times in price band of 505-602. Now, the price has come out of this band indicating reversal.
2. It is also observed that price has shown reversal after retracing to 61.8% on Fibo against major bull run from March 2009 to Aug 2015.
3. Trendline drawn on the chart also shows multiple support as marked by arrows. The trendline so drawn also coincides with 61.8% retracement level as mentioned in the preceding point no. 2.
4. However, it may find some resistance in price range 710-715 as marked on the chart but price actions suggest that this resistance should not prove major hurdle.
5. Stochastic RSI is indicating oversold status with bullish crossover as marked on the chart.
In view of above, it looks a good positional long opportunity with stop @ 578 (swing low) with target @ 950 (major resistance above).
Happy trading.....
1. Support zone has been marked on the chart where price has taken support multiple times in price band of 505-602. Now, the price has come out of this band indicating reversal.
2. It is also observed that price has shown reversal after retracing to 61.8% on Fibo against major bull run from March 2009 to Aug 2015.
3. Trendline drawn on the chart also shows multiple support as marked by arrows. The trendline so drawn also coincides with 61.8% retracement level as mentioned in the preceding point no. 2.
4. However, it may find some resistance in price range 710-715 as marked on the chart but price actions suggest that this resistance should not prove major hurdle.
5. Stochastic RSI is indicating oversold status with bullish crossover as marked on the chart.
In view of above, it looks a good positional long opportunity with stop @ 578 (swing low) with target @ 950 (major resistance above).
Happy trading.....
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