Note: This is for educational purpose only. There seems to be a hammer at 21 EMA which acts as dynamic support. The 21 EMA has acted as a dynamic support before as well. RSI above 60 indicates which indicates bullish momentum. This is on hourly chart. Moreover, 21 EMA is above 55 EMA which indicates short term up trend.
Price as discussed earlier ( see related ideas link) took pattern support and breaks the pattern. In a 2 days time price almost moved 200 points which is a super bullish movement for the script. All one has to do is buy a stock at support after drawing a perfect pattern.
Good price to buy after correction. Another good up move possible.
DR REDDYS SWING long entry price 4490 , stop-loss 4340 , target price 4720 NOTE : CONSULT WITH YOUR TRADING ADVISER BEFORE TAKING ANY TRADING DECISION.
Expecting the price to walk through the lines lets see :) Price definitely going to the top of the triangle to face the rejection. will come back to the trend line to take support and once again faces the resistance at the top and break hopefully.
Great Upside Opportunity !!!
If this count is right, then we'll see more upside for wave (v) of some larger degree impulse leg. NSE:DRREDDY
All levels are marked on the chart for trading in intraday and swing. If stays within the previous day candle, No trades to be initiated. Once levels broken wait for its sustainability on higher TF like 15-30 mins.
Note: This is for educational purpose only. There is bearish RSI divergence in Dr Reddy. The price direction is contradicted by RSI direction. There might be some correction in price. Let's see.
DRREDDY is forming a pole and flag pattern on a daily basis with the price at upper end of the flag .The support as of now lies at 3610 .A close above the breakout range will give at least 15-20% return.Will update if i enter this trade.