Swingtrader20192015

Breakout from falling Wedge Pattern in Dr Reddy

Long
NSE:DRREDDY   DR REDDYS LABS
There is a breakout from falling wedge pattern in Dr Reddy on hourly chart today. Volumes of 3X (Compared to 10 day EMA ) were seen on the breakout candle.

After the breakout, Dr Reddy is now coming back to test the trend line .

If we observe the daily chart bulls ahas made an attempt on 19/11/2020 for breakout but was unsuccessful. Today bulls were successful in taking the prices higher.

We can initiate buy between 4810-4830 and targets would be 4999/5080/5200.

SL would be very small i.e. below the low of breakout candle i.e. 4770.

Risk/Reward will be pretty good around 2.7 if trade works out.



Trade active: Entered at 4825 with half quantity.
Comment: DR Reddy is showing weakness on chart. Good chances to hit SL.

The present one hour candle will decide.
Comment: DRReddy is finally showing some strength after some consolidation in the morning.

Now trading 1% above the entry price.

Lets wait for the target with SL at 4770
Comment: Dr Reddy closing strong. Expect gap up opening tomorrow.

Chances are pretty high to hot the first target tomorrow if the market is flat to positive.
Comment: Dr Reddy is opening around 4998. First Target hit.

One can book your profit or wait with trailing SL for target 2 of 5080.

trailing SL may be kept around 4920
Comment: Target 1 Hit Cheers
Trade closed: target reached: Target 1 reached. I could not book at 5000. Booked at 4960. profit of 2.6% profit and risk/reward:2.16

Comments

entered in full with entry price of 4827
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