GLAXO - Hourly Analysis - 06-07-2024

Primary Structure: Bullish Impulsive

Primary Trend:  Bullish

Current Wave Structure: Potential Pullback in Black Wave "4".

Expectations:  The rise from the low of black wave "2" now can be counted in five waves.  This rise approached the desired Fibonacci extension level and met our target. The price is sustained well above the upper line of the base channel which is impulse indication. Having said that, a correction minimum of three waves may be expected in wave "4" which can find support around 38.2 % Fibonacci retracement level where former wave "iv swing low also meets.
Since our target is met we are removing this stock from Hot Picks.

Recommendation:  4: Target met. Made a Profit of Rs.76.
3: Stops must be moved to 103 and set the targets at 150.
2: Hold the longs.
1: Long positions may be considered from 81 to 74 with stops below 68. Targets will be communicated with time.

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