Redington: In Bulls grip
Updated
Redington:
1. There is a fundamental news that Apple decides to pursue the iPhone manufacturing out of India, I think this news came in morning.
2. After that the prices tried to get a clear breakout, but it just closes at the level of 61.8% Fib at 152.75 (the big wick).
3. The current closing is a fews days of consolidation, breaks above 150 level decisively.
4. It's clearly in wave-3 (2nd impulsive wave) of Elliot Wave.
Long can be done above 153 with a SL of 145, targets: 164/173/178.
Even this can be hold for longer term, if one wishes so.
It has a very low PE (PE of 8) with a good dividend yield and PB is at less than 2.
1. There is a fundamental news that Apple decides to pursue the iPhone manufacturing out of India, I think this news came in morning.
2. After that the prices tried to get a clear breakout, but it just closes at the level of 61.8% Fib at 152.75 (the big wick).
3. The current closing is a fews days of consolidation, breaks above 150 level decisively.
4. It's clearly in wave-3 (2nd impulsive wave) of Elliot Wave.
Long can be done above 153 with a SL of 145, targets: 164/173/178.
Even this can be hold for longer term, if one wishes so.
It has a very low PE (PE of 8) with a good dividend yield and PB is at less than 2.
Note
Friends,Redington is not a trading stock as such. If you can take delivery and hold, it's a very good investment. But you need to hold for a few months.
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