- Glenmark Monthly charts registered the high of 1262.90 in August 2015.
- September candle didn't saw a new high, in fact, seems to close under august 2015 opening price, forming the Bearish engulfing pattern.
- However currently stock is standing at its Monthly support zone of 996-985.
- Only a break below, these said levels can confirm short term weakness indicated by the Bearish engulfing pattern.
- Further monthly supports are at 887, 829-824
Let's move to the daily chart for spotting harmonic probability for capturing this short term weakness.
- The daily chart is suggesting Bullish Gartley pattern, prz of which is at 915-914.
- However, the stock is holding 989 support levels from past 14 sessions, Similary facing resistance around 1042 levels from past 14 sessions, hence it is stuck in the range of approx 50-55 points.
- Only a break below 989-985 levels could unfold the Gartley probability suggested by daily charts.Ho
- However break above 1042-50 levels would be signal of resuming its uptrend.
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