DRREDDY trade ideas
Breakout from a parallel patternIt's just for study purpose, drreddy brokeout from an important resistance in both daily and weekly time frame, looking good for a healthy upmove. Opinions welcome.
looking good for a target of 6180 in ST. Keep on radar!Disclaimer: NOT SEBI registered. Charts produced here are for personal reference only.
Dr Reddy - Flan and Pole Brekout (Bullish Breakout) # Dr. Reddy has given a Consolidation Breakout
# As per Technical Analysis this is Called as a Flag and Pole Breakout. This is a perfect Text Book Breakout in Price and as well as on RSI with More than Avg Volume.
# Long Positions can be created for Target of Flag.
# Buy Dr Reddy {Cash Levels} 5380-5450 for Target = 5680-5740 with SL = 5200
Dr Reddy breakout Daily/WeeklyBreakout given on Daily as well as weekly chart.
Rsi predicted bullish move.
Follow for more.
Drreddy Buy above 5500Reasons to buy:
1. Head & Shoulder Pattern
2. Tested Resistance 3 times and now ready to break it
3. Breakout of Pole and Flag
4. Good volume
Target : 6250
SL : 5120 (keep Trailing the SL)
Dr. Reddy Lab Aft a long consolidation of 10months Dr. Reddy’s has given a close above its multiple times tested resistance level of 5405
Ready for a big move
Drreddy - BO Charts speak more than my words now here : low risk setup ;; huge rewards :)
💲💲 FOLLOW me @Averoy_Apoorv_Analysis and get these free analysis :) 💲💲
🔰 {Some info}
➼My name is Apoorv and I am a 2nd year Engineering student, I want to pursue trading as my career, and thus whatsoever setups or trades I potentially see on my charting platform, I post it here and share them with you all.
➼I hope you will love my simple analysis style.
➼Feel free to suggest your view on this as learning is earning here :)
➼I take my trades on my Zerodha account :)
➼These charts are my and only my work, my thought process, just from an educational point of view and no calls.
<<<<<>>>>>
RSI Divergence - Regular & HiddenThe price is moving in parallel channel as can be seen. So suppose once it reaches the lower line/ support, how to verify whether we can go long or we need to short. RSI Divergence comes handy here. We already have one confirmation that since price is moving in a channel and the lower line does seem to be support so it may bounce back.The next confirmation comes from RSI Divergence discussed below.
CASE STUDY 1 - RSI Positive Divergence
We observe a positive divergence in RSI opposite to negative/downward movement of price. In case of regular positive diveregnce ( where RSI moves upward making higher lows , opposite in direction to price's lower low movement , it is better to take a long position. Well that worked and the price bounced back.
Case Study 2 - RSI Hidden Divergence
Here as we see a positive hidden divergence where the price is making higher lows and the RSI is making lower lows. No that hidden divergence indicates " Trend Continuation ". So the price kept moving up and up and may move to the upper parallel line. The price may make a downward move once it reaches the upper line.
Please correct me if i am wrong.
BROADENING FORMATION : DRREDDY'S LAB NSE:DRREDDY
Broadening formation / Expanding triangle.
A short-term bullish continuation pattern.
A breakout above the resistance line with good volume can be bullish.
Not a Trade Advice or Recommendation.
Do your analysis or Consult your Advisor.
Dr reddyGiving good BO above 5400 (Day Closing required)
Will leads This counter towards 5550 5700
Check risk reward brfore making any entry
DRREDDY Levels for 10-JUN-21(Intraday) Buy above 5241 for 15,40,70+++
Sell below 5210 for 15,40,70+++
Can comment or ping me for any query or live updates
All views for Educational purpose, Trade at your own risk
DRREDDY Levels for 07-DEC-21(Intraday) Buy above 5260 for 15,40,70+++
Sell below 5230 for 15,40,70+++
Can comment or ping me for any query or live updates
All views for Educational purpose, Trade at your own risk
