raghavendrakumart

DR Reddy Month timeframe..Big move in the offing

NSE:DRREDDY   DR REDDYS LABS
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Month timeframe chart using simple trendlines ...a triangular formation awaiting BIG move on either side.

Breakout above 3300 and breakdown below 2900.

On long term..rally will be treated as a corrective rally..assuming a multi year corrective phase.
Comment: At the cusp of the triangle breakout OR breakdown. Significant action coming up on either side.
Trade active: Bears make the move..by breaking the monthly trendline. Aggressively staying below 3003, expect sharp downsides. Conservatively holding below 3150, sell on rises mode continues.
Trade active: Bears are now following up with a strong sell off. Sustaining below 2800 is disastrous for bulls with a potential to slide to 2200 to 2000 levels ( worst case scenario )
Trade active: The crackdown in Dr Reddy continues with another 4% cut. Trade continues from 3100 to 2600 and ongoing....

Comments

thnx bhai for ur view. 2900 is still a saviour...
Reply
@ AK Direct,

Breakout= Upper trendline.
Breakdown = Lower trendline.

I look at +1% if the trendline value on a closing basis...
Reply
Clear chart.How do you estimate the BO or BD levels.Pl Oblige?
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