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...
Torrent pherma has recently broken its long time resistance zone. And right now it is retesting that, which might work as support this time, also it just touched at 20 EMA, which will give it a boost. good upside potential of 2.5:1 risk reward trade.
short term trg Disclosure : I am not SEBI registered. The information provided here is for Education Purposes only. Consult your financial advisor before taking any decisions
It is old theory of support and resistance that support can become resistance and vice versa. So if we apply that theory here on ACC , it can be a good entry as stock is near the resistance line. All we need to do is look for a bullish reversal candlestick pattern. Some of bullish reversal candlestick patterns are Morning star, Bullish engulfing , Hammer , Bullish...
buying zone pullback healthy standing on the previous resistance which is called good support