Dr Reddy's Laboratories Ltd Stock Forecast
Green day on Friday for Dr Reddy's Laboratories Ltd
(Updated on Apr 19, 2024)
The Dr Reddy's Laboratories Ltd stock price gained 0.324% on the last trading day (Friday, 19th Apr 2024), rising from $70.91 to $71.14. During the last trading day the stock fluctuated 0.82% from a day low at $70.72 to a day high of $71.30. The price has fallen in 6 of the last 10 days and is down by -3.55% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 26 thousand more shares were traded than the day before. In total, 107 thousand shares were bought and sold for approximately $7.61 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $70.92 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Dr Reddy's Laboratories Ltd stock with a 90% probability to be traded between $71.61 and $78.82 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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RDY Signals & Forecast
There are mixed signals in the stock today. 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 $71.46 and $73.78. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 0.324%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Dr Reddy's Laboratories Ltd stock
Dr Reddy's Laboratories Ltd finds support from accumulated volume at $71.12 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 $0.580 between high and low, or 0.82%. For the last week the stock has had daily average volatility of 0.97%.
Our recommended stop-loss: $66.66 (-6.30%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (RDY) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Dr Reddy's Laboratories Ltd to open at $71.05, and during the day (based on 14 day Average True Range), to move between $70.19 and $72.09, which gives a possible trading interval of +/-$0.95 (+/-1.33%) 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 2.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $71.12 (0.03%) than the resistance at $71.95 (1.14%), 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 positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.973 Hold/Accumulate Unchanged
Predicted Opening Price for Dr Reddy's Laboratories Ltd of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $71.05 ( 0.122%) | $71.14 |
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 | 71.63 | 0.693 % | |
| R2 | 71.41 | 0.382 % | ||
| R1 | 71.27 | 0.190 % | ||
| Current price: | 71.14 | |||
| Support | S1 | 70.83 | -0.433 % | |
| S2 | 70.69 | -0.626 % | ||
| S3 | 70.47 | -0.94 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 73.20 | 2.90 % | |
| R2 | 73.04 | 2.67 % | ||
| R1 | 71.95 | 1.14 % | ||
| Current price | 71.14 | |||
| Support | S1 | 71.12 | -0.0281% | |
| S2 | 70.34 | -1.12% | ||
| S3 | 70.04 | -1.55% |
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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