Swing Opportunity in DR Reddys Labs
Go Long above 4699.1 for Targets of 4861.2, 5023.3, and 5185.4 with SL 4537
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from around 0.618 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around 0.618 Fibonacci level.
3. In addition to this there is a strong trendline (marked with green color), which is providing support to the stock.
4. There is a trendline (marked with green color), which is providing resistance to the stock so we have placed our final target just below it.
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from around 0.618 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around 0.618 Fibonacci level.
3. In addition to this there is a strong trendline (marked with green color), which is providing support to the stock.
4. There is a trendline (marked with green color), which is providing resistance to the stock so we have placed our final target just below it.
Note
Note : The Red Trendline is providing resistance to the stock.Trade active
Entry Triggered on 27 Oct 2021Trade closed: stop reached
SL Hit on 29 Oct 2021
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