DrReddy 1HJust placed my idea in Position drawing.
Red Zone: Resistance or Breakout Zone
Grey Zone: Repeated Hurdles (Support/Resistance)
Green Zone: Support or Breakdown Zone
Note: BUY above Red Zone
BUY at Green Zone.
SELL at Red Zone or Trail at Grey Zone
Just follow the Entry & Exit. Trail SL after 1:1 to Cost + Brokerage.
Also you can ask for my views on any chart.
Trade ideas
Dr reddy gives another chance?Dr reddy is giving buyers a second chance if it decides to breakout again on above average volume and could see the targets marked T1 and T2.
T1 and T2 are based on recent breakout high and next area of value.
Stop loss should be below the build up area of consolidation.
Keep It Simple
EMA Support and price action supportThe stock DRREDDY broke its long awaited resistance zone on July 11th with an above average volume.
Right now it is retesting the previous resistance zone (Which, according to price action theory might work as support now.)
and also the 50 and 100 day moving average is just below the current price which adds double confirmation.
the 200 EMA is at near 4400, if it gets breached there will be good up move.
It might provide a good swing in upcoming days,
SL of 4300 is a must.
DRREDDY price analysis Price action analysis on DRREDDY.
DRREDDY seems to be forming a w- pattern in daily time frame.
Multiple targets can be taken, earnings release on 28th June , can trigger a blast in the price to the completion of the overall W - pattern.
Target and stop loss indicated in chart, very thin SL, of around 1.5 % from entry point.
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.
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.