Dr Reddy's Laboratories Ltd Stock Forecast
Dr Reddy's Laboratories Ltd stock price ended at $75.21 on Friday, after gaining 0.575%.
(Updated on May 03, 2024)
The Dr Reddy's Laboratories Ltd stock price gained 0.575% on the last trading day (Friday, 3rd May 2024), rising from $74.78 to $75.21. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 0.97% from a day low at $74.71 to a day high of $75.43. The price has risen in 6 of the last 10 days and is up by 5.72% over the past 2 weeks. Volume fell on the last day by -1 thousand shares and in total, 223 thousand shares were bought and sold for approximately $16.81 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stockhas broken the falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $75.01, a level that may pose a second chance to hit a runner. According to fan-theory $79.68 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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RDY Signals & Forecast
Mostly positive signals in the chart today. The Dr Reddy's Laboratories Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $74.35 and $73.08. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 6.06%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Dr Reddy's Laboratories Ltd stock
Dr Reddy's Laboratories Ltd finds support from accumulated volume at $74.76 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.725 between high and low, or 0.97%. For the last week the stock has had daily average volatility of 1.05%.
Our recommended stop-loss: $72.20 (-4.01%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (RDY) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Dr Reddy's Laboratories Ltd to open at $75.12, and during the day (based on 14 day Average True Range), to move between $74.17 and $76.25, which gives a possible trading interval of +/-$1.04 (+/-1.38%) up or down from last closing price. If Dr Reddy's Laboratories Ltd takes out the full calculated possible swing range there will be an estimated 2.75% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $75.49 (0.37%) than the support at $74.76 (0.60%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Dr Reddy's Laboratories Ltd will release earnings BMO on Tuesday, May 07, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.86. We will update the financials statements for Dr Reddy's Laboratories Ltd, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.63% in the first trading day after earnings release.
Is Dr Reddy's Laboratories Ltd stock A Buy?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.
Current score: 3.628 Buy Candidate Unchanged
Predicted Opening Price for Dr Reddy's Laboratories Ltd of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $75.12 ( 0.126%) | $75.21 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RDY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 75.84 | 0.84 % | |
| R2 | 75.56 | 0.469 % | ||
| R1 | 75.39 | 0.242 % | ||
| Current price: | 75.21 | |||
| Support | S1 | 74.84 | -0.495 % | |
| S2 | 74.67 | -0.722 % | ||
| S3 | 74.39 | -1.09 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 77.09 | 2.50 % | |
| R2 | 76.04 | 1.10 % | ||
| R1 | 75.49 | 0.372 % | ||
| Current price | 75.21 | |||
| Support | S1 | 74.76 | -0.598% | |
| S2 | 73.20 | -2.67% | ||
| S3 | 73.04 | -2.89% |
RDY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 11, 2023 | Jul 28, 2023 | Aug 06, 2023 | $0.488 | 0.706% |
| 2 | May 11, 2023 | Jul 07, 2023 | Aug 07, 2023 | $0.488 | 0.706% |
| 3 | May 24, 2022 | Aug 01, 2022 | Aug 12, 2022 | $0.378 | 0.705% |
| 4 | May 24, 2022 | Jul 08, 2022 | Jul 11, 2022 | $0.387 | 0.688% |
| 5 | Jun 16, 2021 | Jul 08, 2021 | Aug 12, 2022 | $0.342 | 0.638% |
FAQ
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