Entry - Around 600, near the trend line
1st Target - 695.25 ( A bit lower than the previous swing high)
2nd Target - 795.05 ( Top of the channel and also a previous strong resistance)
Rationale - TRENT has been moving in a parallel bull channel with bull candle volume outweighing the bear candle volume. The 61.8% retracement level was also breached...
Stock had seen a good breakout in Friday's session from its 10 day trading range.
Any dip in the stock is likely to be absorbed in 2030-2015 zone.
I am Bullish as long as it sustains above 1990 levels.
Further resistance stock can face is around 2100 levels.
Stock Has been resisting 175-180 zone , since late Feb 2020.
Now stock is again trading near those levels, hence any decisive breakout can take stock 220 -240 levels.
The said view will be negated below 145 levels.
19 MAY 2020
INSTRUMENT: DR REDDY
TIME FRAME: DAY
Chart type used for confirmation: Renko
INDICATORS AND THEIR TRENDS:
PSAR: Bearish
STOCHASTICS: Bearish MOVING AVERAGE: Bearish ...
