Glenmark Pharmaceuticals - Price Action for Swing Trading

Alright, So the story starts with a bullish movement in April this year with some unusual move in the volumes. Breaking the 9 Months resistance and going up 13% therefrom in a weeks time.
The Bullishness continues.. forming Higher Highs - Higher lows for the period May to July.
However, following the pharma sell off in late July, Support at INR 654 levels takes a hit. Taking the price down to INR 461 Levels, which happens to be a long time Support. And approximately 30% fall is a big deal making the stock oversold.

Cut to present scenario - Glen seems to be moving in a sideways channel, With INR 531 Levels RESISTACNE and INR 490 Levels taking charge of SUPPORT.

Confirmation at INR 531 Levels along with good volumes will be a perfect buy for a 10% return i.e., setting the target at INR 586 Levels.
and ofcourse because Life happens, Stop Loss is necessary at INR 518 Levels.


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.