GLENMARK trade ideas
Long Glenmark PharmaIt is Making Symmetrical Triangle Pattern, of which, breakout will probably push price further to ₹395-₹415. With the SL of ₹336
Glenmark Pharmaceuticals above 395 + BreakoutGlenmark Pharmaceuticals (weekly) staying above 395 level, it will give good breakout. A journey toward 500 level.
Glenmark, trapped in triangleCan be shorted at 352-353
with small SL of 356.50
Target at 336
But at the same time, we must be cautious
for breakout at 356
so a stay above the range of 354-356
will lead to 372
SL at 350.80
Glenmark Pharma - Long Swing Trade - Bullish ReversalGlenmark 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.
CMP: 350.
Target 1: 500.
Stop Loss: 310.
GLENMARKAfter giving a strong reversal from a monthly Bullish Harmonic Bat it is now getting ready for another rally with minor resistance between 360 and support coming in at 340-330. Wait for breakout or dip to support. Next resistance at 390/450
Glenmark LongFundamentally the Company is doing good. Technically Seems like a long above 350 for targets of 380 and 400. Made a Cup and Handle kind of pattern on hourly charts. SL would be near 338.
Glenmark showing signs of institutional presence. 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!
Pharma Stocks continue to tumble?Pharma index looks weak after Friday's close. Out of the index Glenmark is my stock pick which can still go down another 12% from current price. For entries you need to watch out for 3 levels. These will be swing trades so once price reaches the level and fails to breakout from it, you can enter the position. The levels to go short are 327.2, 343, 355 with targets 315.7, 302.5, 285.3
GLENMARK CASH : GOOD SUPPORT 320-323GLENMARK CASH
05 DEC 2019
SUPPORT AT 323-320
(ALL SELLING BELOW 320 ONLY
FOR 312/303/292
STOPLOSS AT 328)
CMP 327.80
