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.