DR. REDDY (1494.95)
THIS STOCK ALREADY FORMED THE RISING WEDGE, INFACT THE PATTERN LOOKS VERY GOOD TO GO LONG. AND EVEN REDDY IS TRADING ABOVE THE TRENDLINE WHICH BEGAN IN 10/28/05 (see on the charts), ALTHOUGH THIS TRENDLINE HAD BEEN VIOLATED TWICE, ONCE IN JUNE AND AND ANOTHER TIME IS JULY. THROUGH OUT THIS MONTH OF AUGUST REDDY IS TRADING WELL ABOVE THE SUPPORTING TRENDLINE. RECENTLY THE STOCK GOT THE BREAKOUT FROM THE BULLISH PENNANT. EARLIER MY PENNANT TARGET WAS 1600. NOW LOOKING INTO CHARTS IF THE UPPER TREND LINE OF RISING WEDGE GET VIOLATED THEN I PLACE MY TARGET BEYOND 1600 LEVELS TO THE LEVELS OF 1700. AND ON WEEKLY CHARTS ALSO IT COMPLETED THE LOOK-A-LIKE CUP N HANDLE FORMATION. DR REDDY GOT THE GOOD RESISTENCE AT 1526 WHICH IS THE MAX FIBO OF 5/08 HIGH AND 6/14 LOW. LETS SEE WILL I SEE THE FALL FROM THE RISING WEDGE OR IT'LL KISS THE LEVEL OF 1600 AND 1700.
THIS STOCK ALREADY FORMED THE RISING WEDGE, INFACT THE PATTERN LOOKS VERY GOOD TO GO LONG. AND EVEN REDDY IS TRADING ABOVE THE TRENDLINE WHICH BEGAN IN 10/28/05 (see on the charts), ALTHOUGH THIS TRENDLINE HAD BEEN VIOLATED TWICE, ONCE IN JUNE AND AND ANOTHER TIME IS JULY. THROUGH OUT THIS MONTH OF AUGUST REDDY IS TRADING WELL ABOVE THE SUPPORTING TRENDLINE. RECENTLY THE STOCK GOT THE BREAKOUT FROM THE BULLISH PENNANT. EARLIER MY PENNANT TARGET WAS 1600. NOW LOOKING INTO CHARTS IF THE UPPER TREND LINE OF RISING WEDGE GET VIOLATED THEN I PLACE MY TARGET BEYOND 1600 LEVELS TO THE LEVELS OF 1700. AND ON WEEKLY CHARTS ALSO IT COMPLETED THE LOOK-A-LIKE CUP N HANDLE FORMATION. DR REDDY GOT THE GOOD RESISTENCE AT 1526 WHICH IS THE MAX FIBO OF 5/08 HIGH AND 6/14 LOW. LETS SEE WILL I SEE THE FALL FROM THE RISING WEDGE OR IT'LL KISS THE LEVEL OF 1600 AND 1700.
posted by Naveen Pantera at 4:58 PM
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