A convincing breakout above the resistance of 6000.
A Cup & Handle breakout ?
Stoploss at the breakout level……6000
Target as drawn 6350…
Discl:- Invested. Please do your due diligence.
Fundamentals
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Growth in EPS
P/E 18.38 vs Sector P/E 45.5
Low DEBT D/E 0.05
ROCE 26.6%
ROE 21.6%
Sales growth (3Yr) 12.1%
Profit growth (3Yr) 31.13%
ZERO promoter pledge
Technical
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-> 9 Aug'23 ~ 24 Aug'23 - "Distribution" then, a BO candle formed and 5% correction took place.
-> After that till 30th Oct'2023 stock forms Lower High & Lower Lows...
11/4 educational purpose only
this could be a jackpot trade
buy on dips around 4372.60 (20ema/hourly)
sl below 4338.35 (50ema/hourly)
targets around 4575 / 4675
Dr. Reddys Labs Fut closed at a crucial level. It has to take a U-Turn from the current closing price. Otherwise, speculators will keep selling. And according to TA, we will see the target of 3780 - 3720 levels soon.
#DRREDY last trading session formed bearish patern,
yesterday traded our retracement area 4320-4360
we can go sell@4330 and tgt 4250-and posistional tgt 4160
once break our resistense level, it will move higher in
comming trading session.
Reasons and indicators to buy:
-MACD Crossover!
-Above Pivot, nearing Resistance 1
-RSI at 57.6, close to 60
Dangers:
-RSI at 57.6 and not 60... strength questionable
-No high volume in the past 5 trading sessions
Drreddy Is in a Uptrend channel.4h time frame.It is a very high volatile stock.But very good for intraday as well as long term.Trade with your own Risk.Good luck all.
DRREDDY's triangle setup shown earlier triggered its stop levels and now has shaped up to be a rectangle that has broken on the downside. Expect a downmove towards 4770 which is the normal target out of a rectangle. support and caution can be expected at 4845 which is the gap support
