Dr 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.
#drreddylab #drreddy #drreddy'stechnicalstudy #drreddy'scup&handlepattern #drreddy'spricelevel #drreddy'slabpricetarget
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.
Observations::
------>> we have detected that the stock is in the form of Head and Shoulders Pattern.
------>> If the demand zone @4600 acts as resistance,
will go for sell below left shoulder rejection level, for the target of 4400 and 4200 levels.
------>> We have a great support @4200 , indicating a bullish gap + continuation to upside.
------>> look for...
*DR REDDYS LABS*
Time Frame: Daily
Observation:
* Falling Wedge Pattern Breakout
* Mean (EMA) Diversion On Hourly Time Frame
Resistance/Target: 4612 4931 5077
Support: 4055 3789 3654; Dynamic Support at EMA 200.
Dr. 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.
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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...
DrReddy has given a good Breakout
One can go Long with mentioned levels in chart
Hourly time frame chart pattern
Key Levels
MACD pco
DMI ADX UNGALI POSITIVE
RSI above 76
Upper Bollinger Challenged by PRICE
Breakout candle with Good Volume
Disclaimer
I am not sebi registered analyst
My studies are Educational purpose only
Consult with your...
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
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
