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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Trading.
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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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