DrRedddy seems to have taken support at the lower end of the channel (shown in Red line)
Most probably it would test its first target at the upper End of the channel (shown in Blue Line)
above blue line, it can test 3200+
Just a View!
Dr Reddy labs has broken long term trend line indicating further movement in upside direction. Buy at the price of 3145 targets 3185, 3205, 3240 with stoploss 3105.
The stock price movement looks interesting for a potential long trade. Channel is catching the price movement beautifully and now showing divergence also. The last bar made a 3L-R. One can buy the stock for a target of 3100 stop loss 2920.
Small divergence indicating retracement after trend line break ...risk takers, small upside quick trade!
...and then continuation for heading towards Accumulation zone if candle gives signal.
caution: No major volume seen on trendline break?
Guys, Views welcome.
The distance between head & neckline is copied or cloned below the neckline -giving target 2150. Likely take the trade only if it breaks 2960 & sustains below that level.
Dr Reddys Labs has formed a 'Descending triangle' and is hovering around support (2979.75). Can short it once breaks the support.
Also, can see 'Head and Shoulders'. If it breaks from here, then 2925 looks feasible in few sessions.
Month timeframe chart using simple trendlines...a triangular formation awaiting BIG move on either side.
Breakout above 3300 and breakdown below 2900.
On long term..rally will be treated as a corrective rally..assuming a multi year corrective phase.
DR Reddys Labs after hitting a high and sudden nose down, its is continuously trading in channel and stock hit the channel resistance and now is approaching to its channel support around 3100.00, risky trader may enter short in this stock at CMP, conservative trader may wait as it may retest the resistance 3400.00 again and short there if breakout doesn't occurs.
The stock has given a positive breakout of the major resistance level of 3308, and has closed with the positive momentum above 20,50,100 and 200 Day moving averages. Stock has also given positive tenken keijen crossover along with the Chickoo cross.
Expect stock to Rally in the coming weeks.
