1) Price/Volatility contraction visible.
2) Volume is building up.
3) The 2 bars indicating strong hands presents in this counter.
4) Higher probability for a successful long trade.
A strong BO above Rs 366 can take Glenmark to Rs 396 and further.
Observe the weekly volume build up in last 6 weeks. After a strong recovery from Rs 160 levels, the price has flew with tremendous volume to Rs 350 levels.
Observe the tight price consolidation in last 4 weeks with relatively less volume action.
% Delivery Qty to Traded Qty is increased in last...
The stock is trading in a box format for last 5 years. Volume expansion is visible in last 4 months ( Including March when market tanked). The volume of selling in March is low indicating the unchanging interest of firm hands in the stock.
A breakout above Rs 880 - 900 can take the stock to new heights.
