Dr. Reddy's Laboratories Limited (NYSE:RDY) is a leading drug manufacturer based in India. The stock has decline sharply over the past three trading sessions losing nearly $5.00 in that time. Yesterday, Dr. Reddy's Laboratories Limited reported earnings that were not well received by investors and this is the primary reason for the weakness in the stock price. Traders and investors should now watch for daily and weekly chart support around the $38.70 level. This is an area on the chart that was a former basing pattern before a breakout in 2013. Often, stocks will return to their former breakout levels before being defended and staging a bounce.
Nicholas Santiago
InTheMoneyStocks
Submitted May 14, 2014 at 11:39AM by inthemoneystocks http://ift.tt/1k1BtVM
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