Technical Analysis of DRREDDY & JUBLINGREA

Technical Analysis  of DRREDDY  & JUBLINGREA

Stock name: Dr. Reddy's Laboratories Ltd.

Pattern: Double top pattern

Time frame: Daily

Observation:

The stock's overall trend has been positive, but it recently consolidated, forming a double top pattern on its daily chart. It broke out from this pattern on May 09, 2024, accompanied by a bearish MACD signal. Since the breakout, the stock has been trending downward with a low RSI. According to technical analysis, if the current momentum continues, the stock may decline further.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Jubilant Ingrevia Ltd.

Pattern: Double bottom pattern and retest

Time frame: Weekly

Observation:

The stock experienced a decline from October 2021, but stabilized between January 2023 and April 2024, forming a double bottom pattern. In April 2024, it broke out from this pattern with strong trading volume and a bullish MACD indicator. The stock is currently retesting the breakout level, with the RSI in a favourable zone. According to technical analysis, a successful rebound from this retest may lead to further upward movement.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

 

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