Top resistance breakout-Dr.Reddy'sDr.Reddy's has broken its top resistance zone and is bullish throughout the day. It is a good opportunity for the astute investors who are looking to accumulate it. The fundamentals have been very strong. It has posted a record rise in revenues in recent financial reporting, cleared lawsuits in the launch of generic drugs and is a top choice for diversification of portfolio. Clear confirmation signals from MACD, RSI and Slow Stochastics as well.
DRREDDY trade ideas
DRREDDY MIDTERM TRADE SETUP
AS discussed in our channel www.t.me Dr Reddy is looking good for midterm positional trade with area marked in green as potential targets.
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DrReddy, 200 DMACovered this stock earlier when price made a bottom. Pharma Industry is showing signs of recovery after of 4 years of lull. The stock made a steep move to cross 200 DMA and then corrected towards 200 DMA. Now if 200 DMA provides support, price may see the swing high. 50 DMA may give an upward cross to 100 DMA, will boost bulls. Immediate resistance lies at 2300 since Calls at this strike is the highest.
DrReddy, 200DMAThis is one more stock in Pharma segment which is showing sign of trend change. Chart speaks volumes. Earlier times also it faild to hold above 200 DMA and crashed. At present times, the difference is formation of a support base and then moving up to cross 200 DMA. Keep a close watch at 200 DMA.
DRREDDY 15 min chartsafter formation of an "V"....small channel ..then small channel broke itself...seems as if there is an formation of a bigger channel..which can take drreddy to an tgt - 2051...1963 has acted as an good support and resistance many times...however if 1963 breaks ..my view turns bearish with an tgt of 1894.
drreddy 15 min anylsisafter formation of an "V"....small channel ..then small channel broke itself...seems as if there is an formation of a bigger channel..which can take drreddy to an tgt - 2051...1963 has acted as an good support and resistance many times...however if 1963 breaks ..my view turns bearish with an tgt of 1894.