Glenmark Ltd – Symmetrical Triangle Breakout

Glenmark Pharmaceuticals Ltd on a daily chart price is making higher high and higher low pattern also stock price is trading above the 20 DMA, indicate positive outlook for the stock price. Technically on intraday 60-minutes chart stock price at Rs. 930 has given the breakout above the upper trend line of symmetrical triangle or continuation pattern at Rs.914, with sharp increase in volumes, indicate rally will continue towards previous high swing.

If one were to go by the volume data, a higher upswing is seen on the stock price. Trader or investor can accumulate at Rs. 930 for the target of Rs. 990 levels, with Rs. 896 stop loss on closing basis.