Glenmark Pharmaceutical Ltd. - Up-Flag on DAILY chart

7 พ.ค. 2021

Glenmark Pharma was in a consolidation since 20th April 2021. The consolidation was preceded by a rally. The price gave an upward breakout to the resistance line on 7th May 2021 and closed at Rs.591.50. This breakout was supported by massive volume. This formed the price pattern known as Up-Flag on daily chart of this counter. I anticipate the Price Target of Rs.708 and suggest the Stop Loss at Rs. 579 to be followed for the first four daily candles starting from 10th May 2021. Thereafter, the profit booking/ exit decision should be based on achievement of the price target or negative crossover of 26 EMA by 5 EMA whichever happens earlier.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea, if any, shall be at the sole risk of the investor.