EMA Support and price action support
The stock DRREDDY broke its long awaited resistance zone on July 11th with an above average volume.
Right now it is retesting the previous resistance zone (Which, according to price action theory might work as support now.)
and also the 50 and 100 day moving average is just below the current price which adds double confirmation.
the 200 EMA is at near 4400, if it gets breached there will be good up move.
It might provide a good swing in upcoming days,
SL of 4300 is a must.
Right now it is retesting the previous resistance zone (Which, according to price action theory might work as support now.)
and also the 50 and 100 day moving average is just below the current price which adds double confirmation.
the 200 EMA is at near 4400, if it gets breached there will be good up move.
It might provide a good swing in upcoming days,
SL of 4300 is a must.
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