Verdict: Bullish
With pattern breakout, volume confirmation, and RSI strength, Glenmark is poised for a potential up-move.
Plan of Action:
BUY: ₹1,520
Stop Loss: ₹1,432
Target 1: ₹1,813
Target 2: ₹2,076
Trailing SL: Start trailing above ₹1,650 to protect profits
Glenmark Pharma has confirmed a breakout from a falling wedge and flag & pole pattern, supported by strong volume and a bounce from the 200 EMA. Price structure and momentum suggest bullish continuation.
Key Observations:
Pattern Formation: Falling wedge + flag & pole since September 2024
Breakout Confirmation: Closed above upper trendline at ₹1,519.85 on March 27, 2025
200 EMA Support: Price took support at 200 EMA and reclaimed both key moving averages
Volume Spike: High volume on breakout candle validates the move
Support & Resistance Levels:
Immediate Support: ₹1,432
Breakout Level (Entry): ₹1,520
Target 1: ₹1,813
Target 2: ₹2,076
Major Resistance: ₹2,100
Indicators & Risk-Reward:
✅ RSI: 64.92 – showing strong bullish momentum
✅ Volume: Significant volume surge during breakout
✅ Risk-to-Reward: ~1:3 – ideal for swing setup
Verdict: Bullish
With pattern breakout, volume confirmation, and RSI strength, Glenmark is poised for a potential up-move.
Plan of Action:
BUY: ₹1,520
Stop Loss: ₹1,432
Target 1: ₹1,813
Target 2: ₹2,076
Trailing SL: Start trailing above ₹1,650 to protect profits
*****Disclaimer:*****
The information provided in this blog post is for informational purposes only. It is not intended as financial, investment, or trading advice. The author is not a licensed financial advisor or professional.
Trading and investing in financial markets carry inherent risks, and past performance is not indicative of future results. Readers should conduct their research, consider their risk tolerance, and consult with a qualified financial advisor before making any trading or investment decisions.
The author is not responsible for any financial losses or gains that may result from actions taken based on the information presented in this blog post. All trading and investment decisions are made at the reader’s own discretion and risk.
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