#Glenmark forming as very good bottom for last few weeks. and now coming out of the congestion.
Seems good candidate for reversal. CMP 413 can be taken for 455/480/510 SL 374
Looks like an interesting play on catching the bottom. Heavy volumes were seen in the last couple of months while it corrected just about 20%(the decline from 136-110). That is a strong indication of accumulation by smart money. Already at a key S/R Level. RSI divergence is evident over the last few weeks. Wait for a closing above 124 to be doubly sure. Can easily...
This is where a cup & handle would have more significance -- At the bottom of a downtrend.
The price decisively crossed the neckline near 490 and is pulling back for a retest.
A hold near the neckline may push the price towards 587 and later 794.
Just notice how the C&H target coincides with the prior highs.
Regards
JJSingh
India cements started trading above its 20 EMA channel.
Recent hike in volumes shows interest of big players.
Buy India cements with CMP 104.4 with the stoploss of 95 for the swing of 2 to 4 months.
Target 1 - (116-120)
Target 2 - (145-155)
Target 3 - (200-225)
