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Thursday, January 25, 2018

Update on Technical Pick of Glenmark 25 Jan 2018



Technical Pick of Glenmark 









Glenmark falls from its peak and forming rounding bottom pattern on daily chart having breakout above 650 level. Break and sustain above 650 will take it to 700-720 mark and our ultimate target is 750++ mark in days to come. 

On Daily chart, Glenmark is trading above 21 and 55 days exponential moving average showing golden crossover. RSI indicating positive divergence on daily chart and stock has also retraced 78.6 % from the top of 1260 which is confirming the bottoming out pattern on daily chart. 

Positional buyers can buy and accumulate Glenmark above 650 with stop loss below 575 on closing basis for the initial target of 700‐‐‐720. It will get positional weak only below 575 mark. Overall trend looks positive and any sharp fall will be a buying opportunity in it.




 Trading Recommendation (25 Jan 2018)



 Buy Glenmark above 650 with stop loss 575 (on closing basis) for the upside target of 700—720.












More will Update soon !!