gyanmuni

DrReddy - Trendline trade

Long
NSE:DRREDDY   DR REDDYS LABS
1. The Previous uptrend happened with Incremental Volume
2. The correction happened in low volume
3. Now it's in a support area 4650.
4. It should break the downward slanting trendline with high volume .

Current Close - 4670
Buy above 4950
Stop Loss - 4540
Target - 5502/6000

This idea is invalid once it breaks the support zone and closes below i.e. 4500
Trade active: Last price- 4832
It's again in the supply zone. Let's see if it falls down from here. Or breaksout from the trendline.
Trade active: Last Price: 4908
Closing above 4950 in a weekly timeframe would be positive for the stock.
Trade active: The stock moved up above 4950. Let's see if it closes above it for the day.
Trade active: Last Price - 5228
A very wide candle with more than average volume.
A very positive price action.

Nearing our first target of 5500.