Glenmark Pharma has completed a long-term inverted Head & shoulders pattern. It is now looking bullish with an upside move of INR 500 from current levels. Almost 2x.
At present it is at the 0.5 resistance level of the Fibonacci chart
Glenmark - Elliott Wave Count
the market seems like near wave B. we can expect one more impulse move upward and then the market likely to fall to wave C.
Please note that this information is for educational purposes only, and it is crucial to trade with caution.
NSE:GLENMARK NSE:GLENMARKZ2023 BSE:GLENMARK
Greetings Folks,
today i have prepared a setup of GLS on NSE
the analysis is as follows
- price is in a range structure right now
- we are looking for a breakout in upper side
- if the price opens with gap up, better to enter at minor retracement
- if price dont breaks the range by noon, we wont initiate the trade
dont play with fire, always use a predefined stoploss
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...
My conditional view on NSE:GLENMARK
Best level to take entry is 373. Will hold till target of 397, 409 & 425
Exit if price trade below 361
Note: This is my personal analysis, only for learning.
Thanks.
DATE: 25.04.21
HIGH-RISK TRADE.
INSTRUMENT: GLENMARK
TIMEFRAME: DAY
TREND: BUY
CMP: 559.25
BUY ABOVE: 566
SL: 545
TGT 01: 573
TGT 02: 582
TGT 03: 591
DISCLAIMER:
WE ARE NOT S E B I REGISTERED ANALYSTS. PLEASE CONSULT YOUR PERSONAL FINANCIAL ADVISOR BEFORE INVESTING. WE ARE NOT RESPONSIBLE FOR YOUR PROFITS/LOSSES WHATSOEVER.
