After a bull run stock make Double Top candlestick pattern on chart top. Price Break doubletop neckline, if confirmation is done price approx down approx -8%.
Good setup for short trade.
Also price break 20Dema
Macd bearish crossover
Double top target and 50Dema almost a similar price little bit differce.
Disclaimer:- This is my personal view for education...
GLENMARK PHARMA
Key highlights: 💡⚡
✅On1day Time Frame Stock Showing Breakdown of Double Top Pattern .
✅ Strong bearish Candlestick Form on this timeframe.
✅It can give movement up to the Breakdown target of 710-.
✅Can Go short in this stock by placing a stop loss above 795+.
*Glenmark Pharmaceuticals Ltd*
Inverted H&S Formation on Yearly Basis.
Strong Price BreakOut & Sustained.
Good to Go!
Strong Vol. Consolidation / Continued BuiltUp.
Trail SL with Upside.
Book Profit as per Risk Appetite.
Do Your Own Research as well. This is an Opinion.
Happy Investing 😇
- We have analyzed the price action of Glenmark since 2017 on a weekly TF.
- Given that the resistance has been tested multiple times, we as investors will expect it to be weak and a break will mean an up move.
- The fact that Glenmark has given a parabolic move of 63% makes it contradictory
- If you look at the PE ratio, The PE is up like a mountain making its...
Wave 1 and 2 are both 3 wave sequence structures and Wave 3 will be a 5 wave sequence structure as wave 2 has closed by reatracing wave 1 by more than80% and less than 100% which suffices the rules of wave 1 and 2
Price has formed a 6 Month Demand and the Target is derived as per the FIbo ratio of 161.80%
which gives a Reward : Risk ratio of 16.8:1
ENJOY THE...
One can accumulate this in range of 550-650 with the Sl Of ₹490 and Target of 950 and 1050 good breakout can be seen on a quaterly chart.. lets see if it sustains
In Gujarati “ Bhav is Bhagwan ”
Disclaimer :
I am not a SEBI registered Analyst.
Please do your own Analysis before taking any trade/investment.
The above view is just for educational purpose only.
Chart is self explanatory.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
