Glenmark
Pharmaceuticals Ltd on a daily chart price is making higher high and higher low
pattern also stock price is trading above the 20 DMA, indicate positive outlook
for the stock price. Technically on intraday 60-minutes chart stock price at
Rs. 930 has given the breakout above the upper trend line of symmetrical
triangle or continuation pattern at Rs.914, with sharp increase in volumes,
indicate rally will continue towards previous high swing.
If one were to go by the
volume data, a higher upswing is seen on the stock price. Trader or investor
can accumulate at Rs. 930 for the target of Rs. 990 levels, with Rs. 896 stop
loss on closing basis.
Still looking good to move to 990?
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