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DRREDDY | Low risk simple supply and demand play - Potential 20%

Long

DR REDDYS LABS (NSE:DRREDDY)

NSE:DRREDDY DR REDDYS LABS

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supplyanddemand trendline candlestick swingtrading positional

DRREDDY | Low risk simple supply and demand play - W Pattern - 20% opportunity

CMP : 4510
SL : 4240
Target : 5450

Almost 1:4 risk reward setup

Attached weekly chart in comment section, it is taking excellent support near the previous swing high.

Trade closed: stop reached

Comments

Double bottom having been formed, it looks good for a buy!

On 24 and 25 feb it made lower lows and higher highs but on 26 feb It closed below low of 25 feb . What’s the best point to enter according to u

gaurav477

@gaurav477, I'm kind of a higher time frame guy bro, although i posted Daily time frame chart the reason i picked this stock is it is retracing the previous swing high. Attached monthly time frame chart for your kind perusal.

So at this level, i see its good area of buy.

srikartiram

@srikartiram, Thank you . Your ideas are great

srikartiram

@srikartiram, what now for Dr. Reddy ...
I bought 4900 call option 5 lots

gaurav477

@srikartiram retracement