Topic Statement:
Glenmark Pharma has staged a strong bullish recovery after a severe correction earlier this year, now testing key resistance levels.
Key Points:
* The price took heavy support at the 50% Fibonacci retracement level, forming a strong base for the rebound
* The stock is breaking out above its previous high, where a head and shoulders pattern had earlier signaled weakness
* Price has overextended above the 200-day EMA, suggesting it may face resistance and potential selling pressure ahead
Glenmark Pharma has staged a strong bullish recovery after a severe correction earlier this year, now testing key resistance levels.
Key Points:
* The price took heavy support at the 50% Fibonacci retracement level, forming a strong base for the rebound
* The stock is breaking out above its previous high, where a head and shoulders pattern had earlier signaled weakness
* Price has overextended above the 200-day EMA, suggesting it may face resistance and potential selling pressure ahead
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.