Positional or Longterm Opportunity in Dr Reddys Labs
Go Long above 4703.4 for Targets of 4944.8, 5186.2, and 5427.6 with SL 4462
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.318 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.318 Fibonacci level.
3. In addition to this the stock gave Trendline breakout.
4. On a Daily timeframe if we draw the Fibonacci retracement tool from the recent swing low to the recent swing high then we see stock took support from 0.618 Fibonacci level and a bullish candlestick pattern Bullish Hammer is formed around 0.618 Fibonacci level.
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.318 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.318 Fibonacci level.
3. In addition to this the stock gave Trendline breakout.
4. On a Daily timeframe if we draw the Fibonacci retracement tool from the recent swing low to the recent swing high then we see stock took support from 0.618 Fibonacci level and a bullish candlestick pattern Bullish Hammer is formed around 0.618 Fibonacci level.
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