Can Rally Continue?!........crucial resistance of 5500 is taken out(on weekly time frame also)......
RSI is also strong and taking support at 60....
added 30% quantity, rest i will add only after re-test(risk-reward, money management)...
comment if you have any doubts...
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RDDA trade ideas
Dr Reddys lab - wait for tomorrow's breakoutDr Reddys lab is in the triangle pattern and going to take its breakout, so give an entry with appropriate Stop loss only after the breakout
🔴DISCLAIMER
***** It's just for an educational purpose and so you must also follow your own technical analysis before taking up the trade ******
Aggressive traders enter at the breakout and conservative traders may give entry after retracement (Retracement is optional, we cannot expect every stock to take a retest after the breakout, it may also continue to have its bullish pressure after the breakout)
After reaching our targets, trail your stop loss to get maximum profit from the stock in a single trade
Dr Reddy's - Monthly chartAfter seeing a strong breakout with lifetime high volumes in September, the stock was consolidating a bit for 3 months followed by a retracement in January.
In Feb it took monthly support at 4380 and bounced back strongly.
I personally expect this stock to outperform its peers in the upcoming months.
High of Good volume candle is 5512.
So my gut feeling is, it will take a month or two to reach those levels & then fly high on a monthly close above 5500.
Positional view target : 10000+
DRREDDY - AnalysisThe ferocity of 1st of the 5th suggests that retracement for 2nd would complete at 0.38 and hence should end at sub 5000 levels. Overall, the 5th seems to be ending at 6700+ levels.
Disclaimer - This analysis is for you (the reader) to critique and point out errors in judgement, and in the process, making us both learn more.
Dr Reddy Short Term Trading Set up 2The Price has been facing resisitance from 200 EMA . The structure is already provided for reference along with S&R LEVELS. Expecting 5240
The Indicator Used:
1) Daily Lines Plots Daily 20 (BLACK) & 50 EMA (GREY), BLUE (200 DAILY EMA ) On Lower Time Frame Charts. Not Activated.
2) Valuation band
KEYS: Red Faded Cloud: Over Valuation.
Grey Faded Cloud: Proper Valuation.
Green Faded Cloud: Under Valuation.
3) TE-REKAB - Proprietary Indicator
KEYS:
PB: Pullback
Blue Candle: Selling Divergence
Yellow Candle: Buying Divergence
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The analysis is my POV , hope you got bucks in your pocket to consult a financial advisor before investing :P :)
HAPPY TRADING!!!