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...
I 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...
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
may retrace more if the fib support area breaks but we can be optimistic about the rally too and if rallied without retracement, we can be sure about the achievement of the 2 TP
but if retraced and rallied then ATH and 1TP can be the targets consequently
Short Term Cash Buy DRREDDY @5070.00-5075 SL 4945 TGT 5300 (Bullish breakout post consolidation)
The stock price is 1% lower from intraday high so good entry level.
Break resistance 5011 and 5006 on daily and hourly chart so chart looks bullish. Next resistance level 5200/5395 we expect it to break 5200 and move towards 5395.
Close to VWAP 5054 once hold can...
Dr Reddy had a breakdown from the flag pattern it formed after huge upwards movement and filled and the gap and also consolidated in the range.
Last three closing have respected 9 DEMA and a closing above 4875 would mean respect for 21 DEMA also.
The stock shall take significant upmove on closing above 4875.
ALL THE LEVELS AND PATTERNS ARE MARKED ON CHART, RED ZONES DENOTES SUPPLY ZONES AND GREEN IS FOR DEMAND ZONE .
BUY NEAR 4885 FOR TARGETS OF 4962/5000/5040
The indicator used:
1) Daily Lines plots Daily 20 (BLACK) & 50 EMA (GREY) on lower time frame charts
- PB : PULLBACK
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This analysis is purely based on price action.
Analysis is done on daily TF hence it may take several days to couple of weeks to reach its target. Traders can also take advantage of this analysis in intraday trades.
Trade Strategy along with logic is explained in video itself.
Always plan your trade & trade your plan
Keep trailing SL accordingly once entered...