5400 Range has acted resistance twice in last 1 year. But now it is showing signs to break out of it and into uncharted territory.
Target can be anything from here 6000+, just need to keep trailing. Will keep on updating
Long Term Stop Loss : 5150
Short Term Stop Loss : 5300
Buy above 5475 for 15,40,70+++
Sell below 5435 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
- stock forming in the ascending triangle pattern.
-Stock break and sustain above 5525 Next level to 6300/6700/7200 levels .
-Support is near 5000 level on chart
I will go LONG on DRREDDY because:
The price is under Support/Resistance zone.
It has touched the support and may reach the resistance zone .
Target would be the Resistance area .
Book profit when it reaches the resistance zone .
Entry - 4426
Target - 5450
Stop loss - 4263
DRREDDY breaking out from 9-month consolidation, from falling trendline with rising volumes, RSI also breaking out also CNXPHARMA index breaking above all-time highs.
Can expect immediate targets of 5800/6000.
Consolidation near the ATH and forming a triangle pattern when the company is dealing with Sputnik makes the price to break and move up.
I am not used to listen to the news and trade accordingly but sometimes I confirm the break with the news.
It'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.
