Glenmark life sciences - triangle pattern breakdout/down
Updated
Glenmark Life Sciences IPO listed during the covid high has seen significant correction. Many who were not able to dispose off with the IPO has been bleeding and it seems the stock is ready for breakout
The stock hit all time low of 370 and has shown a bounce back to CMP (427). It has given a channel breakout, retested trendline support thrice and has also crossed 50 EMA and retested the same. It is now forming a triangular pattern and has retested its long term support/resistance line multiple times. A breakout above this line and triangular pattern could see stock move to 427, 450, and 488 as immediate levels. Breakdown could see stock retesting levels of 409 and 370 (ATL).
The stock hit all time low of 370 and has shown a bounce back to CMP (427). It has given a channel breakout, retested trendline support thrice and has also crossed 50 EMA and retested the same. It is now forming a triangular pattern and has retested its long term support/resistance line multiple times. A breakout above this line and triangular pattern could see stock move to 427, 450, and 488 as immediate levels. Breakdown could see stock retesting levels of 409 and 370 (ATL).
Note
hit the s1 and rebounded. adhereing to resistance trend line
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