Glenmark spot cmp 570
Counter have given breakout from falling channel structure and recently have given breakout from cup and handle pattern
But in dips till 540 levels
View gets negated below 520 levels
Targets are 650-700-750-800
Time horizon 1-2 months
Good long candidate,,,
We can price is reacting strongly at the Monthly Swap Zone! But, also see the ascending triangle pattern breakout with a proper retest!
Now, 550 will act as a strong support for long term and stock looks good for investment for long term too.
Pivot Reversal Levels:
- Buy above 637.45
- Sell below 577.45
Stock is increasing strength as compare to MIDCAP index. Price raising along trend channel indicated on chart along with support levels. Support zone highlighted is last high volume supported price acted as resistance. Now price above previous resistance zone therefore can act as strong support for further run.
As per price action we have seen heavy rejection from high level.
We have seen 14 percent downside in just 1 week also Glenmark broke 50 EMA.
Now Glenmark standing at support area 580 to 590 good buying area zone. wait for good lower price rejection then we will make good buying entry. If any case 580 level will break then we can see down side move upto 550 and...
I wouldn't suggest anyone blindly take positions with me, I am just sharing my work. Investments are subject to market risk and this is not a trade recommendation.
TARGET: 900
GLENMARK | Despite weak pharma sector i see the Glenmark is strong as M&M stock as it is taking good support last 13 weeks
Potential for 45% 😃
CMP : 475
SL : 440
Target : 690
1:5 risk reward setup - Weekly chart hence this a long trade.
