Pharma 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...
GLENMARK 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.
A 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.
Stock 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.
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