Glenmarkpharma
Glenmark Pharma Mark it on the topNSE: GLENMARK
If Breaks Then The Targets could be Taken at 361
Time Frame :- 1 Hour
Patterns Name :- Double Top
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Glenmark Pharmaceuticals Ltd - 27.05.2022Glenmark Pharmaceuticals Ltd - 27.05.2022
The stock is trading @ 398 levels
There is a HAMMER & DOJI in Weekly Charts
The prices are below EMA
There is a HAMMER & DOJI in Daily Charts
There is a STOCHASTIC Bullish Divergence in Daily Charts
Let the prices go above 414 to initiate a BUY Position with support @ 376
watch out for the price action
Glenmark Pharma in question Hello Traders, the last stock given here i.e Titan is still on the same levels we are waiting for a breakout so we can make a long position.
Now speaking of glenmark pharma, this stock is trading in a expanding wedge/triangle kind of pattern there are two trade possibilities to go long on this stock both are mentioned in the chart above so you can trade accordingly.
All the information required for the trade are mentioned in the chart above, please refer to the same
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Glenmark Pharmaceuticals - Price Action for Swing TradingAlright, So the story starts with a bullish movement in April this year with some unusual move in the volumes. Breaking the 9 Months resistance and going up 13% therefrom in a weeks time.
The Bullishness continues.. forming Higher Highs - Higher lows for the period May to July.
However, following the pharma sell off in late July, Support at INR 654 levels takes a hit. Taking the price down to INR 461 Levels, which happens to be a long time Support. And approximately 30% fall is a big deal making the stock oversold.
Cut to present scenario - Glen seems to be moving in a sideways channel, With INR 531 Levels RESISTACNE and INR 490 Levels taking charge of SUPPORT.
Confirmation at INR 531 Levels along with good volumes will be a perfect buy for a 10% return i.e., setting the target at INR 586 Levels.
and ofcourse because Life happens , Stop Loss is necessary at INR 518 Levels.
Glenmark Pharma still under consolidation.
Glenmark Pharma is still under the consolidation phase for the past 3 and half months. Though there a more green candles with volumes unless it cross the previous resistance of 538 with a big green candle, the same trend of consolidation will continue. A new entry is suggested only with a confirmation of above 538 with good volume and a continuous range above 538.
GLENMARK case studyGlenmark spot cmp 530
weekly time frame
Elliot wave study
Rising parallel channel structure
RSI with divergence
Inverted head and shoulder pattern
Rounding bottom formation.
all studies applying ,for long term view on chart,,
looks attractive seeing the chart
Lets see whats there in store..
💊 #glenmark on support NSE:GLENMARK
as one can glenmarke on harmonic support, one can go long for swing trade with stop loss as per their trade setup.
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