Taking support after breakout on 18th November is a good sign confirming the institutional presence in the stock. The stock is now setting up tone for a strong move up with supporting volumes and momentum. The RSI is positive into the bullish zone and MACD well above the neutral zone with positive bias. Longer term targets are close to 485 levels!
Glenmark has shown a bullish reversal on the back of very large volumes. If this trend continues, it could possibly be the bottom for a long time to come.
Long can be initiated for a medium term trade.
Target 1: 500.
Stop Loss: 310.
Key Levels for GLENMARK are : t.me - JOIN TELEGRAM CHANNEL
First Target~ 306
Lower Breakout~ 297
Please trade with caution and consult your financial adviser before trading. You can also join our...
GLENMARK Pharmaceuticals is having UPPER Breakout level placed at 430.20 followed by INTERIM RESISTANCE placed at 438 followed by FINAL RESISTANCE ZONE placed at 447<>449, On the Lower Band, LOWER Breakout level is placed at 422 followed by INTERIM SUPPORT placed at 418.35 followed by FINAL SUPPORT placed at 414. Quarterly Results will give a more profound view on...
I have observed that there is a divergence in the RSI oversold area and today's Bullish Engulfing could offer a good trade with small risk. One can trade the stock as under
Entry current Price 425
Risk/Reward Ratio 4.4
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.