GLENMARK
GLENMARK Channels BreakoutGLENMARK has been moving in channels to what seems the accumulation on the weekly timezone.
After a week long ranging , it broke above the 50 FIB level Currently taking resistance at 618 FIB. .Awaiting a breakout / reversal on account of results.
GLENMARK BuyPharma stocks have been doing ok for some time now.
Considering the fact that they were coming from dead, there was still a lot of skepticism around though.
Today pharma had a break out day that should covert the non-believers.
While the likes of DIVISLAB and AUROPHARMA has a day in the Sun, there are better bets out there.
GLENMARK here has just broken out and will sure see much follow though as it has been a relative laggard so far.
50 points should be given to 700 level in short term. Long term investors can get in too! Excellent levels for fresh longs.
Happy trading.
Glenmark: The Potential Inverted Head and ShouldersA move below 591 before the neckline breakout will negate the pattern.
Pattern will be in action above the neckline.
I Will be looking for breakout: pullback-retest-reversal (PRR) type entry..see post below to read on trading confirmations.
Also see..
For targets, one can try traditional as well as contemporary approaches..see post below on H&S pattern.
Do Hit like and comment.
Trade safe, be healthy.
Regards
Bravetotrade
Bullish on GlenmarkThis stock is in the Demand Zone + Low on RSI. The stock should move UP. All the Best
Glenmark - Will it break the trend line ?Will it break the trend line ?
Trade if break;
Long Entry - 609
Target - 629
Stop loss - 592
Glenmark: In Strong DowntrendStock is in a strong downtrend; had a fresh breakdown @ 592. Last closing @ 580.25; selling opportunity can be found either on pullback to 592 or on break below 576.
For this trade targets on the downside will be 555 and 536 -- where the stock may find some support.
Trade safe, stay healthy.
Hit like/comment if this information is useful.
Regards
Bravetotrade
Glenmark symmetrical triangle breakout may happenGlenmark Pharma has been trading in trend reversal if closed on symmetrical triangle which may go up breaking the triangle, buy above 895 after breakout with target 910 in near term.
Glenmark - Trade IdeaPin bar + Support = Long
Good risk reward.
Stop loss - Pin bar low + Cushion = 865
Target - Resistance - Cushion = 950
Bearish BiasOn 28-11-16 Glenmark made evening star pattern suggesting Bears got upper hand,from there on its in downside below 20SMA may test its recent support i.e 859
