Dr Reddy's Laboratories Ltd Stock Forecast
Red day on Monday for Dr Reddy's Laboratories Ltd stock after losing 0.439%
(Updated on May 06, 2024)
The Dr Reddy's Laboratories Ltd stock price fell by -0.439% on the last day (Monday, 6th May 2024) from $75.21 to $74.88. During the last trading day the stock fluctuated 0.468% from a day low at $74.84 to a day high of $75.19. The price has been going up and down for this period, and there has been a 3.78% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -125 thousand shares and in total, 99 thousand shares were bought and sold for approximately $7.39 million.
The stock lies the upper part of a falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $75.15 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -4.50% during the next 3 months and, with a 90% probability hold a price between $67.05 and $71.77 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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RDY Signals & Forecast
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 $74.47 and $73.06. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, May 03, 2024, and so far it has fallen -0.439%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
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.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.350 (0.468%) between high and low. For the last week, the stock has had daily average volatility of 0.90%.
Our recommended stop-loss: $72.00 (-3.85%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (RDY) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Dr Reddy's Laboratories Ltd to open at $74.97, and during the day (based on 14 day Average True Range), to move between $73.89 and $75.87, which gives a possible trading interval of +/-$0.99 (+/-1.32%) 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 2.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $74.76 (0.16%) than the resistance at $75.01 (0.17%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
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, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 1.349 Buy Candidate Unchanged
Predicted Opening Price for Dr Reddy's Laboratories Ltd of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $74.97 ( 0.120%) | $74.88 |
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 | 75.32 | 0.588 % | |
| R2 | 75.19 | 0.409 % | ||
| R1 | 75.10 | 0.299 % | ||
| Current price: | 74.88 | |||
| Support | S1 | 74.84 | -0.0584 % | |
| S2 | 74.75 | -0.169 % | ||
| S3 | 74.62 | -0.347 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 76.04 | 1.55 % | |
| R2 | 75.21 | 0.441 % | ||
| R1 | 75.01 | 0.174 % | ||
| Current price | 74.88 | |||
| Support | S1 | 74.76 | -0.160% | |
| S2 | 73.04 | -2.46% | ||
| S3 | 71.42 | -4.62% |
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% |
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