DR.REDDY'S LAB - CUP AND HANDLEDr Reddy's Lab has formed a long-term Cup & Handle pattern and has reached a resistance level. A breach of this resistance shall entail a rise in price level by another INR 1500 from current levels. Let us keep track of it.
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Drreddyinvestment
Buy DRREDDY @ 4485 TGT 4920/5340 Sl below 4200 closing basis The Company had posted extraordinary result as well as giving breakout on charts. The Pharma index also on the verge of breakout after long consolidation. Overall, a good buy in short term on can go for the above mentioned levels even in futures also.
Possibility of Short or Buying it cheapIt has crossed the resistance with weak candles and couldn't sustain. It is going to touch its support.
Stochastic has moved from Overbought, if crossed it will touch the zone where we can re-enter.
Simple charts, so that, everyone can understand.
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Wayfarer.
keep learning and keep earning.
DR. REDDY WEEKLY CHART viewDr. reddy currently at a very crucial point.
It is a make or break level..
If it falls can give a great breakdown and if it rises one can add it for some long term gains of around 1000+ points.
Trade safe. Manage risk. Be profitable.
Please follow us for more simple trading analysis and setups. Also let me know in the comment in case you have any queries.
Disclaimer :- This is just my view. Please analyze charts yourself and then decide to take any trades.
DRREDDY UPSIDE POSSIBLEI would not be able to able to explain this chart this time but according to me the chart looks pretty self explanatory.
Please LIKE, COMMENT and SHARE to motivate and support me. I'll keep on posting new ideas on Indices & Stocks. Be sure to follow so that you don't miss any good trades that might have been rewarding.
Any comments and critiques will be appreciated even if it's of opposite view as a trader can also be right so many times.
DR REDDYS LABDr reddys lab.
The stock has completed running flat pattern in wave 4 at the weekly lower bollinger band, also weekly oscillator stochastic has completed its pullback cycle at oversold zones and now it has done positive crossover. the wave structure is suggesting the start of the larger degree wave 5, as wave 5 unfolds, the price can attempt to go higher towards 6800, 7000 & more, also there is a possibility of price rising higher more than 7500 if the up move extends towards the upper end of the rising channel. one can invest or go long at current level or in dips (if any) with stoploss of 4400, the weekly swing low of 4446 will now be a major support level to watch out for in the forthcoming weeks.
Weekly Cycle wave structure
Key Levels are Mentioned on chart
Completed running flat pattern in wave 4.
Weekly stochastic has done positive crossover at oversold zones and now its uptick
Price tooked support from long term horizontal trendline
Morning star at weekly lower bollinger band
Macd in daily positive crossover and Uptick
Rsi in daily Uptick and near 60
Daily Bollinger
Dmi adx also positive crossover
Disclaimer
I am not sebi registered analyst
My studies are Educational purpose only
Consult with your Financial advisor before trading or investing
DRREDDY - Another Gem on my RadarI have also talked about this stock in my previous post, and since then this stock has been trading in a small range near its all-time highs.
The reason I am interested in this stock is that every time it came to the lower end of the range, it bounces decisively, though whenever it reaches its upper range, it falls with low momentum and usually forms indecisive candles.
Even today it bounced well and it might open gap up tomorrow, and if it opens above the range, it might move fast towards its all-time high i.e. 5512 and beyond.
Drreddy looking weak towards target ??Drdeddy looking for retracement cycle towards the target of 4650,
Now beauty is as per Retracement cycle & as per astro, both the way it saying some profit booking towards target 4650.
4650 if it reach very speedily then you could be more fall in this counter.
Thanks & Regards
K Sureshkumar
DR REDDY , 1 Day Analysis , Inside Bar Overall Strong Uptrend Move .
Previous 6 Days Price Stucked In A Range Formed Inside Bar 5 Candle Close In It .
ADX Above 25
+DI Above -DI
Buy Above :- 4080 (Aggressive) , 4128 (Conventional )
Sl :- 3950
Target :- 4310-4390
Trail Your Sl And Try to Ride the Big Rally .
Happy Trading .