Gland pharma share price has moving upwards for last few days and now it has made a cup and handle pattern in small time frame. The gland pharma share has been falling since Aug 2021, It has touched a high of 4200+. But it looks like it is forming a base and it may reached to the bottom.
First it broke its long time resistance of 1425 with a gap up opening on 8th Aug 2023 and then successfully holding itself above that level. Now it has formed a cup and handle pattern and it is above 200 EMA. There is a concerning factor in this share is that, its uncertain gap up and gap down openings.
Fundamental of Gland Pharma
Ticker by Finology has given gland pharma share a four star, market cap of the share is nearby 29000 crores. The company is almost debt free and has a cash reserve of 3767 crores, but the sales and net profit of the company has decline as compare to the previous financial year.
Promoters has 57.86% of holdings in the company, Net sales of the company is above pre covid levels but below last financial year.
If the price of gland pharma share breaks 1800 level and sustain above it, then it could touch 2200 and then 2600 target in future.
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