Dr.Reddy Lab showing at 4380 is Major Resistance where we can clearly see Long Long Wicks and rejecting the price from same level
At the same time we get Trendline Support and formed Ascending Tringle Chart Pattern.
In coming session we can see such big rally either side of breakout or breakdown.
KEEP AN EYE ON IT….!!!!
Note: This is for educational purpose only. Please do not trade in F&O based on this analysis.
There seems to be formation of Inverse Head & Shoulders. If the neck line is broken, we can initiate a buy in cash. RSI above 65 indicates bullish momentum. Moreover, the stock has more relative strength as compared to Nifty 50.
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...