Breakout from falling Wedge Pattern in Dr Reddy
There is a breakout from falling wedge pattern in Dr Reddy on hourly chart today. Volumes of 3X (Compared to 10 day EMA) were seen on the breakout candle.
After the breakout, Dr Reddy is now coming back to test the trend line.
If we observe the daily chart bulls ahas made an attempt on 19/11/2020 for breakout but was unsuccessful. Today bulls were successful in taking the prices higher.
We can initiate buy between 4810-4830 and targets would be 4999/5080/5200.
SL would be very small i.e. below the low of breakout candle i.e. 4770.
Risk/Reward will be pretty good around 2.7 if trade works out.
After the breakout, Dr Reddy is now coming back to test the trend line.
If we observe the daily chart bulls ahas made an attempt on 19/11/2020 for breakout but was unsuccessful. Today bulls were successful in taking the prices higher.
We can initiate buy between 4810-4830 and targets would be 4999/5080/5200.
SL would be very small i.e. below the low of breakout candle i.e. 4770.
Risk/Reward will be pretty good around 2.7 if trade works out.
Dagangan aktif
Entered at 4825 with half quantity.Nota
DR Reddy is showing weakness on chart. Good chances to hit SL. The present one hour candle will decide.
Nota
DRReddy is finally showing some strength after some consolidation in the morning.Now trading 1% above the entry price.
Lets wait for the target with SL at 4770
Nota
Dr Reddy closing strong. Expect gap up opening tomorrow.Chances are pretty high to hot the first target tomorrow if the market is flat to positive.
Nota
Dr Reddy is opening around 4998. First Target hit.One can book your profit or wait with trailing SL for target 2 of 5080.
trailing SL may be kept around 4920
Nota
Target 1 Hit CheersDagangan ditutup: sasaran tercapai
Target 1 reached. I could not book at 5000. Booked at 4960. profit of 2.6% profit and risk/reward:2.16
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