After a prolonged downtrend from its all-time high in August 2021, Gland Pharma has been trading in a sideways consolidation range since August 2023. Recent price action suggests that the stock is building momentum for a potential breakout, signaling a possible end to its bearish phase.
## Bullish Developments 📈
Recent Momentum: The stock showed significant buying interest last week, surging +6.82% accompanied by a decent spike in trading volume.
Technical Posture: The short-term Exponential Moving Averages (EMAs) have entered a Positive Crossover (PCO) state, a classic bullish signal indicating that near-term momentum is shifting upwards.
Breakout Potential: This renewed strength positions the stock to challenge its long-term horizontal resistance trendline. A decisive break above this level would confirm a bullish trend reversal.
## Key Price Levels to Watch
Immediate Resistance: The first major hurdle is at the ₹2,238 level. A sustained move above this is required to confirm the breakout.
Upside Target: If the resistance at ₹2,238 is breached, the next potential target for the stock is ₹2,607.
Downside Support: If the upward momentum fails to continue, the stock could find support near the ₹1,384 level.
Price-action is key !!
## Bullish Developments 📈
Recent Momentum: The stock showed significant buying interest last week, surging +6.82% accompanied by a decent spike in trading volume.
Technical Posture: The short-term Exponential Moving Averages (EMAs) have entered a Positive Crossover (PCO) state, a classic bullish signal indicating that near-term momentum is shifting upwards.
Breakout Potential: This renewed strength positions the stock to challenge its long-term horizontal resistance trendline. A decisive break above this level would confirm a bullish trend reversal.
## Key Price Levels to Watch
Immediate Resistance: The first major hurdle is at the ₹2,238 level. A sustained move above this is required to confirm the breakout.
Upside Target: If the resistance at ₹2,238 is breached, the next potential target for the stock is ₹2,607.
Downside Support: If the upward momentum fails to continue, the stock could find support near the ₹1,384 level.
Price-action is key !!
Disclaimer: This analysis is my personal view & for educational purposes only. They shall not be construed as trade or investment advice. Before making any financial decision, it is imperative that you consult with a qualified financial professional.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Disclaimer: This analysis is my personal view & for educational purposes only. They shall not be construed as trade or investment advice. Before making any financial decision, it is imperative that you consult with a qualified financial professional.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.