Bearish Piercing – Glenmark Pharma – 03Nov17

Trade plan:
• Recent price rise trend witnessed.
• The bear body covers the high of the previous day.
• Today’s body covers at least 50% of the previous day’s body.
• The lower tail is small in size. Volume is high during pattern formation.
• Short position created
• Sell when price moves below the low bottom of today or previous day, whichever is lower(A)
• Stop loss should be at the high top of today or previous day, whichever is higher(B)
• Target (Buy) at A – (A-B)
• Risk = A-B
• Entry price: Rs 625
• Stop loss: Rs 655
• Target price: Rs 595