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. ...
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.
1. Views are personal and for educational purposes only. Recheck and take the trade as per your RR.
2. Always remember SL is your lifeline, not the big target...
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3. Views given here is not a tip rather it is for educational purpose... Aftermarket...
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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As we can see the stock is moving according to harmonic pattern and falling from point c as expected. Now i am expecting 1113 rupees fall in this stock so the best price ever possible to buy for investment is at 3754 , so keep an eye on this price and have patience. Candle close above point c will make the pattern invalid
Note: stock may bounce from 4467 also so...
Dr. Reddy’s is at retest levels to go up or down ….
• Bearish Cypher harmonic pattern is getting formed, to complete this pattern, trend will be up
• 200 MA is tested and 0.5 Fib levels are rejected and 0.382 Fib levels giving support in last couple of days
• Currently 1350 support taken, where 5 EMA is crossing 20 EMA and 200 EMA from bottom...
EXPLANATION : This is a 15 Min time frame chart of DRREDDY . The stock has formed a Ascending Triangle Pattern , I will look to go long if it gives a good breakout of its supply zone and continue the upward rally . I am not comfortable in shorting unless it breaks its trendline with volumes. Entry as per your entry setup .
crossing the 200 ema it will gain proper upper momentum and along with the pattern, it shows dual confirmation ;
time duration - about 2 months ;
seems like it can easily break the above lines ;
first target - 5400 , second target - 5600.
purely for educational purpose .