DR.REDDY’S LABORATORIES LTD
Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the watchlist section Dr. Reddy’s Laboratories Limited listed on the National Stock Exchange of India.
DR.REDDY’S LABORATORIES LTD (REDY.NS)
Dr. Reddy’s Laboratories Limited is a pharmaceutical company that is engaged in providing medicines. The Company operates in three segments: Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Proprietary Products. The stock is listed on the National Stock Exchange of India. Price chart formed a 3 month-long ascending triangle with the horizontal boundary acting as strong resistance at 4,150.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 4,235.00 levels will confirm the breakout from the 3 month-long ascending triangle with the possible chart pattern price target of 4,650.00 levels. A possible H&S continuation chart pattern can act as launching pattern and complete at the same time as the ascending triangle. (Data as of 20/07/2020, 7:45 AM CET)
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