DRREDDY Double Top Pattern In Play

The stock has broken out of a double top pattern on Jan 29th with increase in volume but post the breakout, the stock has failed to grind lower levels. 

For the last few days, the stock has been consolidating around 4400 levels and is showing signs of a breakout on the downside.

The stock has a major resistance at 5400 levels at the peaks of double top and immediate upside resistance is at 4900 levels.

A break below the consolidation range could signal an advantage to the bears and open the gates for a possible decline to 4000 level.

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