A potential swing trade opportunity in Redington Ltd, a leading distributor of technology products and supply chain solutions.
Reasons are listed below :
Target - 242 // 288
StopLoss - weekly close below 187
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
Reasons are listed below :
- The stock has broken above a significant resistance zone of 180-190, and it has successfully retested this level, indicating potential upward momentum.
- Redington Ltd recently broke out of an ascending triangle pattern, suggesting a bullish continuation pattern.
- A hammer candlestick has formed on the weekly timeframe, indicating potential bullish reversal sentiment among traders.
- The stock found support at the 0.382 Fibonacci level, adding further confirmation to the bullish outlook.
- Redington Ltd has broken out of a 3-year consolidation phase, signaling a potential shift in long-term trend direction.
- The stock has been forming constant higher highs, indicating a consistent uptrend.
- Redington Ltd is currently trading above both the 50 and 200 EMA on the weekly timeframe, suggesting sustained bullish momentum.
- Increased trading volumes have accompanied the recent price movements, validating the strength of the breakout.
Target - 242 // 288
StopLoss - weekly close below 187
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
Trade active:
Price made a high of 7%++