Glenmark Pharmaceuticals - Price Action for Swing Trading
Alright, So the story starts with a bullish movement in April this year with some unusual move in the volumes. Breaking the 9 Months resistance and going up 13% therefrom in a weeks time.
The Bullishness continues.. forming Higher Highs - Higher lows for the period May to July.
However, following the pharma sell off in late July, Support at INR 654 levels takes a hit. Taking the price down to INR 461 Levels, which happens to be a long time Support. And approximately 30% fall is a big deal making the stock oversold.
Cut to present scenario - Glen seems to be moving in a sideways channel, With INR 531 Levels RESISTACNE and INR 490 Levels taking charge of SUPPORT.
Confirmation at INR 531 Levels along with good volumes will be a perfect buy for a 10% return i.e., setting the target at INR 586 Levels.
and ofcourse because Life happens, Stop Loss is necessary at INR 518 Levels.
The Bullishness continues.. forming Higher Highs - Higher lows for the period May to July.
However, following the pharma sell off in late July, Support at INR 654 levels takes a hit. Taking the price down to INR 461 Levels, which happens to be a long time Support. And approximately 30% fall is a big deal making the stock oversold.
Cut to present scenario - Glen seems to be moving in a sideways channel, With INR 531 Levels RESISTACNE and INR 490 Levels taking charge of SUPPORT.
Confirmation at INR 531 Levels along with good volumes will be a perfect buy for a 10% return i.e., setting the target at INR 586 Levels.
and ofcourse because Life happens, Stop Loss is necessary at INR 518 Levels.
Penafian
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