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Moving in channel|. made a pinbar on its edge . cud b indication of another leg up.
after breakout at 112 level it makes new high and consolidating at 150 levels.
closing above 150 with volume will take this to next zone and will make new territory
Will we get a strong weekly close above 150 ???
Keep an eye. Neutral as of now
Redington broke out of multi year resistance and heading towards 150.
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