DRREDDY UPSIDE POSSIBLEI would not be able to able to explain this chart this time but according to me the chart looks pretty self explanatory.
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DRREDDY trade ideas
100EMA,200EMA,400EMA CROSSOVER ON 30MINHi Trading View Family, Today I have found very intersting chart of DR REDDY, here we can see that on 30min TF we have found 100EMA,200EMA crossing each other when 100EMA cross 400EMA ,We can generate a buy,As100EMA,200EMA,400EMA is forming straight line on chart and then crossing which shows that price has been consolidate and now can go away from MOVING AVERAGE to give movement.So a high probability buy signal will be triggered when 100EMA CROSSES 200EMA,400EMA, and target of 1:2 can be achived.
DR REDDY LABDisclaimer - This idea is only for educational purpose and I will not be liable for any profit/loss that you might incur.
Dr . Reddy fell from 5615 to 4440. Its since then retracing and faced rejection from 50% area, but while retracing it has made a rising wedge pattern and also given a break down on daily as well as hourly time frames. In my opinion it might test 4600 levels again before going up. So this is a good shorting opportunity.
Stoploss shouldn't be above '4975'