Dr. Reddy’s is at retest levels to go up or down ….
Reasons/Traits : • Bearish Cypher harmonic pattern is getting formed, to complete this pattern, trend will be up • 200 MA is tested and 0.5 Fib levels are rejected and 0.382 Fib levels giving support in last couple of days • Currently 1350 support taken, where 5 EMA is crossing 20 EMA and 200 EMA from bottom (currently all 3 at same place) • 4850-4950 levels need to be broken to move down or up respectively
What can happen next : Scenario 1 : An upside break out of 4950 can take price to 5100/5250/5400 levels to complete harmonic pattern Scenario 2 : A downside break of 4850 can lead to the testing of 0.382 Fib levels
4850 is an important level, let’s see..
Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
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Scenario 2, 0.382 fib levels is acting as strong resistance