REDINGTON gave a breakout last week and a retest is due with a gap at the green zone (Now support) entry can be taken only near the zone.
NOTE: I'm not a SEBI REG. Study before investing.
Redington In Weekly Candle Stick Full Buying Pressure and Will Make Flag and Poll Pattern
Can Go Long In this Share
My View for Nifty is Bearish Can Touch 17000 Levels Or may get Reversal From 17300
NSE:REDINGTON
Reason Being:
1. All time High Closing
2. Weekly closing above the resistance zone
3. Huge volume in last 2-3 weeks
#Disclaimer: I'm not a SEBI Registered Research Analyst, These are my views, please consult your Investment Advisor before buying and selling any position. This is just for Education purposes.
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Stock Name - Redington (india) Limited
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at Current Market Price
and more bullishness AFTER crossing 180
#This is not Buy and Sell recommendation to any one. This is for...
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....
We have seen Redington giving a breakout after 6 months consolidation period after split. Due to current market situation we are seeing that stock is coming back to retest its breakout. If sustained we can get massive upside movement as its results are expected soon. If it breaks its support we might see possible levels in the channel where we can buy for long position.
Redington is looking to break away from consolidation. Need to lookout for price movement above 156.
Also, make a note of:
1) above average volume activity over the past few days
2) RSI at 57 with upward bias and...
3) Relative strength as it gathers strength to outperform
