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Dr. Reddy's Laboratories LtdDr. Reddy's Laboratories LtdDr. Reddy's Laboratories Ltd

Dr. Reddy's Laboratories Ltd

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RDY trade ideas

double bottom Breakout at DRREDDY#doublebottom #pattern #Breakout (trend reversal) at #DRREDDY (Dr Reddy's Laboratories Ltd) weekly chart. Its #Outperformed #Nifty in current scenario. BSE: 500124 / NSE : DRREDDY What Is a Double Bottom? A double bottom pattern is a technical analysis charting pattern that describes a change in trend and a momentum reversal from prior leading price action. It describes the drop of a stock or index, a rebound, another drop to the same or similar level as the original drop, and finally another rebound. The double bottom looks like the letter "W". The twice-touched low is considered a support level. ONLY FOR #educational NOT SEBI REGISTERED. #LEARNEARN (DONT TRUST ANYONE) #nifty50 #sharemarket #BREAKOUTSTOCKS #Multibagger #sharemarket #sharemarketindia #sensex #technicalanalysis #kukiinvest #Chartanalysis #headandshoulders #doubletop #doublebottom #parallelchannel #relativestrength DISCLAIMER: I am not SEBI registered analyst. All posts are for educational purpose only. I am not responsible for your any loss or profit. Consult your adviser before taking any trade. I help people to learn technical analysis & charts reading.
NSE:DRREDDYLong
by Usemerr
DR REDDY Long Swing Trade DRREDDY is forming a double bottom on 1D timeframe, there could be a bullish rally after the breakout of neckline of the Double Bottom. There is also a confluence of 200 EMA on daily timeframe. You can go long after a good breakout of 4440/4435. Place Stop-loss according to you risks, suggested targets : 1st Target: 4680 2nd Target : 4890 . At 4Hour timeframe we can see a formation of Double Top. The stock has given a breakout of the Double Top which is a good sign for bullishness.
NSE:DRREDDYLong
by Rehan_sharif
Good bullish set-up formation in Dr Reddys LabThe stock is testing it's 1 year old trendline and has made a double bottom pattern. 4440 is a strong support/resistance zone. Buy above 4440 on closing basis for positional 3-5% upmove. Disclaimer: This idea is for educational purpose and kindly buy as per your risk management. I always encourage partial booking 1-2% profits and use a strict trailing stop loss. Idea is positional and only carry position on day closing basis. Learn & earn, Dr . Tanya Kumar
NSE:DRREDDYLong
by tanya151181
1
DR REDDY LABS - 30min DECLINING - SHORTIf we look the chart the accumulation occur after the price has fallen. The EMA 200 also started to flatten and the price was also below the 200 EMA. In accumulation we see the price was in the range. The breakout happend on 8Jun2022. After breakout of resistance the price was at Advancing stage. At this stage price is above 200 EMA. Currently the price was in distribution stage and the price whip back and forth around the 200 EMA. If the Price breaks the support of the Range then it will be in Declining stage. The price will go down if it breaks the distribution stage. We can go shorting for the next few days. Target is mentioned in chart!
NSE:DRREDDYShort
by Tamizhs
1
Buying Climax: What, Why and HowBuying Climax: is a situation on the chart that represents ‘exhaustion’. This is the sharpest upward price surge where the last set of buyers enter the stock, thinking that the stock is going to the moon and never look back. This also reflects ‘Greed’ entering in to the stock. Investors who bought at the lower prices, during accumulation, take it as an opportunity to exit from the stock. Therefore, it represents those pre-conditions that lead to price correction. The climax is associated with very wide range up bars/candles with exceptional volumes, followed by supply in most cases. I will take up the case of Dr. Reddy with no particular reason but as a good example that just came in front of me and I thought it will be a good idea to share with the trading community what a climactic action looks like. Dr. Reddy had been in a downtrend between Oct2015 to Aug2017. It then consolidated for more than 2years before it decisively broke out of Rs2800 supply zone in Jan-Feb2020. It retested the supply zone in Mar2020 market correction and held it as a new support. Thereafter we can observe three major breakouts seen on this weekly chart, which would help us in understanding a buying climax in a better way. At every breakout you need to observe the range of the breakout candle and the volume involved in the breakout. A good breakout needs a wider candle with a strong closing and good volume. Let us see what happened. Breakout 1 Range of the candle – 600 pts or around 18% This seems an average type of range compared to the pre-breakout candles. So nothing alarming here. Volume – Slightly higher than the average volumes. Breakout 2 Range of the candle – 600 pts or around 15% It’s also an average type of range Volume – Is very high, more than any candle in this uptrend since 2020 Breakout 3 Range of the candle – 1160 pts or around 27% This is exceptionally wide range Volume – Exceptionally high (More than 36mn). Not seen anywhere on the chart. This is buying climax. You can see that, on the very next week, there was extremely high volume on the downside. This further validates that seller have entered the market and the upside could be limited. We can draw a resistance line from this Sep2020 highs. Price corrected 25% from this resistance in the next 5-6months. Also observe the Breakout4 (Jun2021) of the resistance (vertical dotted line) Candle Range – narrow Candle volume – very low compared to previous breakouts. This is a weak breakout which could not sustain and is followed by a big supply candle. Further indication that the stock has lost steam. I hope this idea was helpful. Do like and comment for more such educational posts in the coming days.
NSE:DRREDDYEducation
by Bravetotrade