Glenmark Pharmaceuticals Limited (GLENMARK) Stock - Complete Technical Analysis - Sep 05, 2024

Glenmark Stock Technical Analysis Overbought Territory Key Support

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Glenmark Pharmaceuticals is currently trading at 1709, just below its 52-week high of 1750, reflecting strong bullish momentum. Key indicators show the stock is in an overbought zone, with an RSI of 72.47 and Stochastic %K at 79.56, signaling potential for a short-term correction. The MACD indicates positive momentum, with a strong divergence above the signal line. ADX at 51.24 suggests a robust trend, while the Awesome Oscillator and Bull Bear Power confirm bullish strength. The stock is above key moving averages, with the 10-day EMA at 1683, indicating continued upside potential if it holds above support. Resistance is seen near the recent high, and support is around 1629 based on pivot levels. However, with Williams %R at -22.23, the stock is nearing an overbought reversal zone, so caution is advised for short-term traders. The ATR of 85.94 shows moderate volatility, making it important for traders to keep an eye on price movements. Overall, Glenmark is in a bullish phase but might see some consolidation before any further upward momentum.