Redington Limited (REDINGTON) Stock - Complete Technical Analysis - Sep 19, 2024

"Redington Ltd (REDINGTON) Stock Analysis - Is This a Buy or Sell Opportunity NSE Technical Revie

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Redington Limited (REDINGTON) is currently trading at 191.29, which is 19.47% below its 52-week high of 237.55 and 40.45% above its 52-week low of 136.2.

Technical Analysis:

Trend Indicators:

The stock is showing a mixed trend with the ADX indicating a trend strength that is moderately strong. The MACD is in a negative territory, suggesting bearish momentum, while the RSI is in the lower range, indicating that the stock might be oversold. The Stochastic Oscillator and Stochastic RSI also support a possible oversold condition.

Moving Averages:

The current price is below all major moving averages including the EMA (10, 20, 30, 50, 100, 200) and SMA (10, 20, 30, 50, 100, 200). This generally suggests a bearish trend. However, the price is slightly above the Hull Moving Average, indicating potential support at this level.

Pivot Points:

According to various pivot point calculations, the price is below the main pivot points, indicating that the stock is currently in a bearish phase. Key support levels include around 190.58 to 191.13, while resistance levels are near 200.47 to 204.09.

Chart Patterns:

Recent patterns show a Doji candle, which indicates indecision in the market. The Bullish Harami pattern suggests potential reversal or consolidation, but it should be confirmed by a price movement above the high of the Harami pattern. The Spinning Top further reinforces the current market indecision.

Volatility:

The ATR values reflect high volatility, which suggests that traders should be cautious of potential price swings.

Overall, the stock is showing bearish tendencies with signs of oversold conditions and significant support around current levels. Watch for any reversal patterns or bullish confirmations in the coming sessions for potential trading opportunities.