Friday, June 14, 2013

DR Reddy

DR Reddy

DR Reddy had a wonderful moves 2 and half months. Stock rallied steep taking support of trend line.
1. Now stock looks weak with -ve RSI divergence.
2. MACS cross over is happening.
3. Stochastic is moving below 80.

If stock gives a break down of the trend line( Channel bottom shown in chart) support and moves below 2147, then stock looks more weak. Stock may retrace to the levels of 2023 - 2030.Stock is having trend reversal point at 2118. below which stock may turn completely bearish and correct till 2030-2023 levels.

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