Chart pattern depicts the situation clearly
REASONS
1. DRREDDY has been trading in an Ascending channel respecting the levels perfectly.
2. In Monthly timeframe, DRREDDY has given a Breakdown out of the 5 Year old trendline Support(White coloured)
3. Now, it is going through a Downswing(Descending Channel) inside the Ascending channel
4. Right now in Daily timeframe, it is Consolidating tightly in form of a Rounding Top.
5. Target & SL levels mentioned @ chart.
Safer SL - Day close above 4500
Let's wait and watch how it moves!!!!
Note - Just Sharing my view....not a tip nor advice!!!
REASONS
1. DRREDDY has been trading in an Ascending channel respecting the levels perfectly.
2. In Monthly timeframe, DRREDDY has given a Breakdown out of the 5 Year old trendline Support(White coloured)
3. Now, it is going through a Downswing(Descending Channel) inside the Ascending channel
4. Right now in Daily timeframe, it is Consolidating tightly in form of a Rounding Top.
5. Target & SL levels mentioned @ chart.
Safer SL - Day close above 4500
Let's wait and watch how it moves!!!!
Note - Just Sharing my view....not a tip nor advice!!!
Note
Very narrow range!!! We can expect a big volatile move!!!Also there is H&S in 1 hr timeframe!!!
Note
h&s breakdown with good volume support!!!4240 can be 1st target!!!
Trade active
Above said ,h&s target achieved!!! with expected volatility In daily timeframe , H&S alike pattern breakdown again!!!
Trade active
setup intact!!!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.