I am so excited to share my fourth watchlist stock with you all today. It is required by you to read till the end to understand the strategy completely.
Background on Charts
The chart of Redington is at a very interesting point. The price fell from 126.5 pre covid levels to 59.1 on March 23 2020 crash. The price has been following a strict trendline that...
Redington India closed above the monthly resistance line which seemed more like a descending triangle pattern with an upside breakout. The stock seems to be ready for an upside move to test December 2014 high of 140 level. RSI above 50 is a good sign.
Trading strategy :
CMP : 109
Target : 138
Stop loss : Close below 92
Reward to Risk ratio = 1.70