GLENMARK trade ideas
First Oral approved favipiravir medication for COVID
Sitting just under resistance at 421 expect this to be taken out on open and the retest IF it happens is a good spot to load up.
Recon this should fly to 574 then get knocked back a bit for a while before flying up with more power .
Might be wrong and the FOMO on this may keep blasting it up , the downtrend line is not that far off so all indicators should turn into buy once that is taken out .
Lets see ..
FabiFlu ride the wave...Keep buying till 385 this should break out of the downtrend line maybe on today's open , if so buy the retest of the breakout.
Counting on the news to pump it a little bit regarding FABIFLU .
Levels are on the chart shall do a LTF next
700 should happen fast on this though 574 area does look busy .
Remember buy the rumor and sell the news so be careful with this one.
GENMARK READY FOR UPMOVE AFTER FAVIPIRAVIR NEWS. Glenmark pharma looks very positive due to the favipiravir medicine. Results to be disclosed on 26th June 2020.
The given lines are near resistance levels where we "may" find some corrections.
Keeping in mind the covid19 situations, stock might boom up to new levels soon. My target is minimum 500.
LONG positions as per your own analysis.
HAHAHA Let's GO. JAI HIND
A BO above 366 can take Glenmark to 396.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 3 days( not plotted in chart).
