DRREDDY
SUNPHARMA - THE WHOLE PHARMA SECTOR UNDER RADARLOOK OUT FOR A BREAKOUT IN SUNPHARMA AS WELL AS DR REDDY AS THEY ARE NR7 CANDIDATE. THEY HAVE BEEN CONSOLIDATING FOR THE PAST 3 DAYS.
Beware : Please keep in mind and stay away from False Breakout Traps.
Also this is not any recommendation, it is only for educational purpose.
Trade at your own risk.
Thank you
Have a Nice day!!
Zone watchDr Reddy is likely to enter resistance zone 4275-4380 where last time distribution had happened. Indicators are pointing fatigue in the upmoment. Consolidation has happened and breakout will sound like an up momentum. Volume is average in upmove. I will observed what happened in the zone . So wait and watch.
Dr reddy can take a further upmove uptill 3750Monthly, weekly and daily charts present a clear bullish trend while forming the Inverse Head and shoulder pattern. Lately the stock showed a good upmove with a long candle breaching the monthly resistance and reaching 4300 level.
Entry can be made for a Long position at current price: 4300-4320, with target of 4750, and SL of 3900.