Expecting a breakout in Glenmark Pharmaceuticals

GLENMARK .

• Expecting a breakout in Glenmark pharma as the stock has been consolidating for many days between 350 - 410 range.
  Also RSI forming higher highs which could be a positive sign.
  Breakout above 412 looks good and there is a 200DMA on 420 level. Above which could be safer entry( to be checked along with volume of the breakout). Expecting the stock to move to 500 range for short term.
  If the stock retrace after breakout , expecting 410- 400 to be a immediate support.
  
  
  
  I have shared my views as part of study purpose not any recommendation. I am studying stock market and believe sharing could help improve my knowledge

Kommentar:

The stock crossed the 200DMA but couldn't sustain above it. But managed to close above 410 -412 level. Watch those level tomorrow