DR REDDY LAB : Potential dark cloud cover
Updated
DRL is more likely to form dark cloud cover. Today, it opened higher than yesterday. It has even posted new 52 Week High at 2953. However, it fell thereafter throughout. Delivery quantity as % to traded quantity has fallen to 29%, which is very low compared to its past history. This gives more credence to likely fall on Monday. If DRL opens gap down on Monday then it will confirm Dark Cloud Cover. A good shorting opportunity
Comment
Moreover, DRL has progressively formed rising wedge pattern.
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