Glenmark Pharma Falling Wedge and Head & Shoulder Pattern Breakout

The stock has formed a Falling Wedge pattern in its down trend, last week it has given the breakout of its resistance trend line with more than average volumes. This breakout of Falling Wedge Indicating a starting of uptrend in the stock.

Along with the Falling Wedge it has also formed a Inverse Head and Shoulder Pattern and we have witnessed the breakout of its neck trend line with good volumes.

After almost nine months it has decisively manage to break above and close a its 100 EMA that is coming around 603.8 that signals the change in the trend of the stock from down to up trend.

The Momentum Indicators RSI and MACD supporting the bullish momentum in the stock. RSI at 77 showing that the stock is in overbought condition and we may see little bit correction to 600 level that would be a great opportunity to enter in the stock for the target of 750 with the Stop Loss of 580.