Dr Reddy's Laboratories Ltd Stock Forecast
Dr Reddy's Laboratories Ltd stock price down 0.673% on Wednesday
(Updated on Mar 27, 2024)
The Dr Reddy's Laboratories Ltd stock price fell by -0.673% on the last day (Wednesday, 27th Mar 2024) from $72.80 to $72.31. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 1.50% from a day low at $72.19 to a day high of $73.27. The price has fallen in 6 of the last 10 days and is down by -3.93% for this period. 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 -9 thousand shares and in total, 105 thousand shares were bought and sold for approximately $7.59 million.
Given the current short-term trend, the stock is expected to rise 10.36% during the next 3 months and, with a 90% probability hold a price between $79.80 and $88.77 at the end of this 3-month period.
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RDY Signals & Forecast
There are few to no technical positive signals at the moment. The Dr Reddy's Laboratories Ltd stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $72.96 and $75.20. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, February 23, 2024, and so far it has fallen -6.81%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. The stock had a Golden Star Signal on Tuesday, January 23, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star
The stock had a Golden Star Signal on Tuesday, January 23, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for Dr Reddy's Laboratories Ltd stock
Dr Reddy's Laboratories Ltd finds support from accumulated volume at $71.95 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 $1.08 (1.50%) between high and low. For the last week, the stock has had daily average volatility of 1.29%.
Our recommended stop-loss: $68.76 (-4.91%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 23 days ago.)
Trading Expectations (RDY) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Dr Reddy's Laboratories Ltd to open at $72.59, and during the day (based on 14 day Average True Range), to move between $71.23 and $73.39, which gives a possible trading interval of +/-$1.08 (+/-1.49%) 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 2.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $71.95 (0.50%) than the resistance at $73.04 (1.01%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Dr Reddy's Laboratories Ltd stock A Buy?
Dr Reddy's Laboratories Ltd holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.627 Hold/Accumulate Unchanged
Predicted Opening Price for Dr Reddy's Laboratories Ltd of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$72.59 ( 0.387%) | $72.31 |
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 | 73.67 | 1.88 % | |
R2 | 73.26 | 1.31 % | ||
R1 | 73.00 | 0.96 % | ||
Current price: | 72.31 | |||
Support | S1 | 72.18 | -0.183 % | |
S2 | 71.92 | -0.536 % | ||
S3 | 71.51 | -1.11 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 74.76 | 3.39 % | |
R2 | 73.20 | 1.23 % | ||
R1 | 73.04 | 1.01 % | ||
Current price | 72.31 | |||
Support | S1 | 71.95 | -0.498% | |
S2 | 70.34 | -2.72% | ||
S3 | 69.38 | -4.05% |
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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