RDDA trade ideas
Drreddy Buy above 5500Reasons to buy:
1. Head & Shoulder Pattern
2. Tested Resistance 3 times and now ready to break it
3. Breakout of Pole and Flag
4. Good volume
Target : 6250
SL : 5120 (keep Trailing the SL)
Dr. Reddy Lab Aft a long consolidation of 10months Dr. Reddy’s has given a close above its multiple times tested resistance level of 5405
Ready for a big move
Drreddy - BO Charts speak more than my words now here : low risk setup ;; huge rewards :)
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➼My name is Apoorv and I am a 2nd year Engineering student, I want to pursue trading as my career, and thus whatsoever setups or trades I potentially see on my charting platform, I post it here and share them with you all.
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RSI Divergence - Regular & HiddenThe price is moving in parallel channel as can be seen. So suppose once it reaches the lower line/ support, how to verify whether we can go long or we need to short. RSI Divergence comes handy here. We already have one confirmation that since price is moving in a channel and the lower line does seem to be support so it may bounce back.The next confirmation comes from RSI Divergence discussed below.
CASE STUDY 1 - RSI Positive Divergence
We observe a positive divergence in RSI opposite to negative/downward movement of price. In case of regular positive diveregnce ( where RSI moves upward making higher lows , opposite in direction to price's lower low movement , it is better to take a long position. Well that worked and the price bounced back.
Case Study 2 - RSI Hidden Divergence
Here as we see a positive hidden divergence where the price is making higher lows and the RSI is making lower lows. No that hidden divergence indicates " Trend Continuation ". So the price kept moving up and up and may move to the upper parallel line. The price may make a downward move once it reaches the upper line.
Please correct me if i am wrong.
BROADENING FORMATION : DRREDDY'S LAB NSE:DRREDDY
Broadening formation / Expanding triangle.
A short-term bullish continuation pattern.
A breakout above the resistance line with good volume can be bullish.
Not a Trade Advice or Recommendation.
Do your analysis or Consult your Advisor.
Dr reddyGiving good BO above 5400 (Day Closing required)
Will leads This counter towards 5550 5700
Check risk reward brfore making any entry
DRREDDY Levels for 10-JUN-21(Intraday) Buy above 5241 for 15,40,70+++
Sell below 5210 for 15,40,70+++
Can comment or ping me for any query or live updates
All views for Educational purpose, Trade at your own risk
DRREDDY Levels for 07-DEC-21(Intraday) Buy above 5260 for 15,40,70+++
Sell below 5230 for 15,40,70+++
Can comment or ping me for any query or live updates
All views for Educational purpose, Trade at your own risk
DrReddy at reversal point.Support and resistance marked on the chart.
Target is also given with SL.
Play at your comfort.
Note: The above is strictly my view and not a trade recommendation. Consult your financial advisor before making any trade.
#Drreddy cash : Breakout above 5400 levels#Drreddy cash -Positional call for 12 months
02.06.2021
Looks good and huge
breakout above 5400 closing
for 6200/6800 .. it may breakout in next 1 week.
Cmp 5312.35
Drr reddy forming a ascending triangle patternDr reddy is at resistance if it breaks then we can see a good upmove.Dr reddy can be buy for short term for up to 10%.
Inverse Head & Shoulder on the way ?Do let me know your views on Dr. Reddys Chart.
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Watch out for Dr reddy News based StockWatch out for this stoc in news, may go upside for good targets.
Only for educational purpose.
INVERTED HEAD & SHOLDER PATTERN BUY 4465
TARGET 5341
Reason For Buying This Script :
In weekly time frame it has formed HEAD & SHOLDER PATTERN Now price has to come down buy at dip around 4665 .
Once if neck line break and close above the neck line in weekly or monthly time frame means further we can go for buy and the target is 6618 to 6742.
In monthly time frame it has broken the box break out .
Note:
Above given levels are based on monthly & weekly time frame . So be patience it will take some days to achieve the target.
ALL THE BEST...
