Wednesday 3 July 2013

Chart Update : DRREDDY

DRREDDY Chart:

Weekly Chart:



Daily Chart:





Dr Reddy is moving is a well formed weekly uptrend channel.  Daily chart has formed an evening doji star candlestick at top of price channel which has bearish implication. Share has closed below 5 day and 5 week high EMA suggesting pause in uptrend. As long as share doesn't cross 2260 the candle stick pattern will be valid.

On the down side

1.    Trend line support at 2210
2.    34 hour EMA  at 2205

2205-2210 are can provide support , EOD close below psychological level of 2200 will bring correction in the counter first till 5 day low EMA and then RED trend line as marked in daily chart. On the upside 2245 and 2260 will act as resistance for the counter. Please note that  EMA based resistance zone will change on EOD basis.

So, plan your trade accordingly.

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Happy Trading. 



DISCLAIMER:
All the views and contents mentioned in this blog are merely for educational purposes and are not recommendations or tips offered to any person(s) with respect to the purchase or sale of the stocks / futures. I do not accept any liability/loss accruing from the use of any content from this blog. All readers of this blog must rely on their own discretion and neither any analyst nor any publisher shall be responsible for the outcome.

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