RK_Charts

DR REDDYS LAB

Long
NSE:DRREDDY   DR REDDYS LABS
Dr 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

Comment:
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