TECHINCAL ANALYSIS + STRONG BULLISH CANDLE📈 GLENMARK PHARMACEUTICALS LTD – TECHNICAL ANALYSIS
📆 Date: June 5, 2025
🔍 Timeframe: Daily
Price Action:
Glenmark Pharma jumped +4.76% today, closing at ₹1584.80, breaking out of a tight consolidation range with a wide-range bullish candle. The price shot up after absorbing overhead supply, showing strength and urgency in the move. The close near day’s high reflects strong buyer dominance throughout the session.
Chart Pattern / Candlestick Pattern:
Breakout from Box Range/Rectangular Consolidation
Bullish Marubozu Candle – full body, no upper/lower shadow
Bullish Engulfing (in previous sessions)
Breakout from Equal Highs Zone – multiple rejections around 1490-1500 now cleared
Bollinger Band Squeeze Breakout – volatility expansion in play
Technical Indicators: (Yellow Dashboard Highlights)
Bullish Momentum Active
Bullish Marubozu + Strong Bullish Candle
Buy Today, Sell Tomorrow (BTST) Signal
RSI Breakout – entering high-momentum zone
Bullish Engulfing Confirmation from earlier candles
Breakout = Higher High + Volume
BB Squeeze-Off – confirmed breakout from low volatility phase
Support & Resistance Levels:
Immediate Resistance: 1611.93
Next Resistance: 1639.07
Major Resistance: 1688.63
Immediate Support: 1535.23
Secondary Support: 1485.67
Major Support: 1458.53
Possible Demand Zone: 1528-1473.30(SL below: 1471)
Chart Overview:
This visual reflects:
🔸 Breakout from sideways range (~10–12 sessions)
🔸 Volume-led confirmation – today’s candle backed by a clear surge
🔸 Multiple indicator alignments showing momentum is genuine
🔸 Strong past support zone near 1240 now acting as a longer-term cushion
Educational Breakdown:
This is a textbook breakout from a rectangular base, typically seen after a period of institutional accumulation. Price moved in a narrow band between 1450–1500 and finally broke out with conviction.
This setup reflects:
Price Action Strength: Bullish Marubozu = clear intent
Volume Confirmation: 2.5x average volume (2.29M vs avg 937.23K)
Momentum Indicators: RSI, CCI, Stoch — all in alignment
Volatility Breakout: BB Squeeze Release
Such breakouts are considered high probability continuation setups, especially when occurring near previous highs and after multiple failed attempts.
How to Trade Glenmark Pharma (for learning purpose):
Entry Example: 1589.50 (Triggered)
Stop Loss: 1471.05
Target 1: 1707.95
Target 2 : 1826.45
Sample Quantity: 50 shares
Risk per Share: 118.45
Reward Potential: 118.45
RR Ratio: ~1:1 | 1:2 +
🔁 Aggressive Traders: Can ride trend using trailing stop above support
🛑 Conservative Traders: Can wait for a pullback to 1528-1473.30 zone for re-entry
⚠️ Risk Management Tip:
Do not enter mid-way into breakouts without a plan. If missed, wait for a pullback to support. Use trailing stops once your trade is in profit. Always size your position according to risk.
📢 Disclaimer
This content is purely for educational and informational purposes. It is not a recommendation to buy/sell or a stock tip. Trading involves risk. Always consult a SEBI-registered advisor before taking any position. The creator is not SEBI-registered and is not liable for any financial decisions taken based on this analysis. Always do your own due diligence and risk management.
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