Glenmark plummets to fresh 52-week low; outlook suggests negative in near term

  • Glenmark recorded a new 52-week low on 25th June 2019 and the stock has moved below the major support zone at 500 level.
  • The stock has broken 2 year-long consolidation range which was trading in the range of 500-700 levels for last 2 years.

  • Technical indicators are still suggesting losses in the stock. The SMA is stretching its bearish momentum below the 21-days line and the RSI also seems oversold position.
  • The high-volume breakdown confirms the stock for further down side rally. The resistance level for the stock is placed at 670 level.