Trade ideas
SWING TRADE - R:R - 1:2 - DR REDDY LABS (NSE:DRREDDY)Potential Opportunity as Swing Trade in NSE:DRREDDY and also predicting positive for long term investment.
Price touches multiple time at resistance, its gave break-out the trendline with STRONG GREEN CANDLE then we can predict bullish rally onwards.
SWING TRADE - RISK TO REWARD - 1:2 ( NSE:DRREDDY )
ENTRY - 4750
TARGET - 5070
STOP LOSS - 4590
This is for Educational Purpose only, please apply your prudence & consult your adviser before any investing.
#nse #swingtrade #nifty #drreddy #riskrewardratio
Dr. Reddy’s is at retest levels to go up or down …. Dr. Reddy’s is at retest levels to go up or down ….
Reasons/Traits :
• Bearish Cypher harmonic pattern is getting formed, to complete this pattern, trend will be up
• 200 MA is tested and 0.5 Fib levels are rejected and 0.382 Fib levels giving support in last couple of days
• Currently 1350 support taken, where 5 EMA is crossing 20 EMA and 200 EMA from bottom (currently all 3 at same place)
• 4850-4950 levels need to be broken to move down or up respectively
What can happen next :
Scenario 1 : An upside break out of 4950 can take price to 5100/5250/5400 levels to complete harmonic pattern
Scenario 2 : A downside break of 4850 can lead to the testing of 0.382 Fib levels
4850 is an important level, let’s see..
Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
DRREDDY (Reddy lab) trend analysisa long trendline at bottom respected every time for a turn around + support of 400 EMA confirming the support
upper side very close to breaking 200 EMA
waiting at higher level just below 200 EMA very stable even in this volatile market
wait till it breaks 200 EMA
target 5000 - 5051
if breaks above 5000 can even try and test all time high
Just for educational purpose