Redington India – Daily
Today, Redington breached it’s all time high to record a new high with decent volumes. However, it closed with a long upper wick (with length of wick more than thrice of that of the body) forming a shooting star pattern. It is an indicator of uptrend reversal.
Confirmation – Next candle’s high should be below the high of shooting start and also it should close below the close of shooting star. Then the trend reversal could be possible.
Fundamentals – Redington recorded their highest ever revenue last quarter. They have been recording higher revenues every single year. With increasing contribution from high margin segments (cloud & services) it is well poised for a strong growth. Also, third quarter has been traditionally their best quarter. Should the price sustain above 172 levels until the third quarter results, results could be a great trigger for a nice breakout above ATH.
| Subscribe To Our Free Newsletter |
