Glenmark is showing some weakness.
Let's discuss about the stock direction in coming weeks. there are two simple cases.
First - If you follow the straight horizontal lines support theory then stock is currently sitting on it support levels. ( Price on the day of writing)
In this case we could see long term up side movement. Targets not providing intentionally....
Glenmark 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.
for the past 3 months stock is moving inside the range of 960 on upside and around 860 on downside
now the stock is nearing the support level
rsi is hovering between 70 to 40 during that period. this time rsi broke the crucial 40 but in the form of divergence keep it watch list stock might give big moves in coming days.
any different views????
On the GLENMARK PHARMA, 1 hour chart we have a potential long opportunity at the D leg completion of bullish Bat setup.
The price reversal zone on this pair is between 876 & 833
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement...
On 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
Breakout on close above 955 with Volumes should attract fresh buying and will take this stock to 989 zone and then towards 1040.
Keep this stock under radar this week. BREAKOUT CAN COME ANY TIME SOON
