1) On 1 Day time frame, After Friday's doji candle/spinning top candle, today it made hammer pattern.
Also it has been taking support and closing above 400DMA which is very very major support for any stock.
Only negative thing is that volume was lower than Friday.
Please refer below chart : 1day Time Frame. ...
EXPLANATION : This is a 15 min time frame chart of DRREDDY . It has formed Symmetrical Triangle Pattern , both side levels marked in chart .
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Dr Reddy is following a channel and it is at the bottom of the channel. It is showing a good pinbar type candle on weekly time frame. And it can have support of PHARMA sector as it is also at the support. So it can give a good target for a swing trade.
Comment your thoughts below.
Dr Reddys lab is in the triangle pattern and going to take its breakout, so give an entry with appropriate Stop loss only after the breakout
***** It's just for an educational purpose and so you must also follow your own technical analysis before taking up the trade ******
Aggressive traders enter at the breakout and conservative traders may give...
ooks good for a quick option.
Take trade as per the values given in Fibonacci. always trail the stop loss. do your own analysis before taking trade
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Buy - Above 5520
Target 5940 6100
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ALL THE LEVELS ARE MARKED ON CHART;
PRICE WAS STRUGGLING TO BREAK DAILY 20 EMA, IT HAS BROKEN IT WITH GOOD VOLUME
IT MIGHT COME BACK TO THE EMA FOR CONSOLIDATION.
The indicator used:
1) Daily Lines plots Daily 20 EMA on lower time frame charts
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The analysis is my POV, hope you...
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.
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.