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Supprotandresistance

EMA Support and price action supportThe 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.
NSE:DRREDDYLong
by iChoco
RESISTANCE CAN BECOME SUPPORT TOO !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 Harami etc. These type of entries are best because it provides us good Risk to Reward. Target can be around 2428 levels , Which is good for swing ( 9%+) Pls note that this is not stock buying advice, this is just my analysis on this stock, please consider taking help from your financial advisor before making any purchase. Feel free to share your views.
NSE:ACCLong
by headymuk