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...
breakout done last week.
now waiting for fresh buying again at breakout levels during retesting.
looking good for swing trading as well as stock is moving above all major EMAs.
keep in your stock watchlist.
WELENT- daily chart trading in ascending channel pattern and currently stock trading near lower support level and now stock has bounce from support with strong volume and bullish marubozu pattern, now stock can move towards 96.00/104.00 levels in coming days with the help of 78.00 level.
REDINGTON | Short term pick - 50% upside potential - Previous swing high is now support - Hopefully it will complete the W pattern in few months.
CMP : 130
SL : 110
Target : 195-200
Consider taking only 5% of the capital and relax, the stock is not good for speculation or frequent entry and exit.
Redington India ltd. is Trying to Breakout from a falling trendline, a close above Trendline on Monthly Closing basis will be a Breakout and Longs can be initiated once the Stocks Shows retrracement to Retest the Trendline. buy and Hold as Per Levels given on Chart !!