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 dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di 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 dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.