Topic Statement:

Glenmark Pharma has staged a strong bullish recovery after a severe correction earlier this year, now testing key resistance levels.

Key Points:

• The price took heavy support at the 50% Fibonacci retracement level, forming a strong base for the rebound
• The stock is breaking out above its previous high, where a head and shoulders pattern had earlier signaled weakness
• Price has overextended above the 200-day EMA, suggesting it may face resistance and potential selling pressure ahead

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Disclaimer

This article should not be interpreted as investment advice. For any investment decisions, consult a reputable financial advisor. The author and publisher are not responsible for any losses incurred by investors or traders based on the information provided.