Redington Stock Forecast
Weaker technical forecast for Redington as stock downgraded to Sell Candidate.
(Updated on Jun 14, 2024)
The Redington stock price fell by -2.36% on the last day (Friday, 14th Jun 2024) from ₹222.20 to ₹216.95. During the last trading day the stock fluctuated 3.49% from a day low at ₹213.55 to a day high of ₹221.00. The price has risen in 6 of the last 10 days and is up by 9.54% over the past 2 weeks. Volume has increased on the last day by 162 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 230 thousand shares were bought and sold for approximately ₹49.89 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Redington stock with a 90% probability to be traded between ₹192.92 and ₹218.20 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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REDINGTON.BO Signals & Forecast
The Redington stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹215.43 and ₹210.74. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, June 13, 2024, and so far it has fallen -2.36%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Redington stock
Redington finds support from accumulated volume at ₹215.75 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹7.45 between high and low, or 3.49%. For the last week, the stock has had daily average volatility of 3.38%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (REDINGTON.BO) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Redington to open at ₹217.17, and during the day (based on 14 day Average True Range), to move between ₹209.17 and ₹224.73, which gives a possible trading interval of +/-₹7.78 (+/-3.58%) up or down from last closing price. If Redington takes out the full calculated possible swing range there will be an estimated 7.17% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹215.75 (0.55%) than the resistance at ₹222.15 (2.40%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Redington stock A Buy?
Redington holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -1.568 Sell Candidate Downgraded
Predicted Opening Price for Redington of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹217.17 ( 0.0999%) | ₹216.95 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for REDINGTON.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 224.62 | 3.53% |
| R2 | 221.77 | 2.22% |
| R1 | 220.01 | 1.41% |
| Price | 216.95 | |
| S1 | 214.32 | -1.21% |
| S2 | 212.56 | -2.02% |
| S3 | 209.72 | -3.33% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 223.15 | 2.86% |
| R2 | 222.70 | 2.65% |
| R1 | 222.15 | 2.40% |
| Price | 216.95 | |
| S1 | 215.75 | -0.553% |
| S2 | 211.45 | -2.54% |
| S3 | 196.95 | -9.22% |
REDINGTON Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 05, 2024 | Jul 05, 2024 | Aug 29, 2024 | ₹6.20 | 2.86% |
| 2 | Jul 07, 2023 | Jul 07, 2023 | Aug 30, 2023 | ₹7.20 | 4.59% |
| 3 | Jul 20, 2017 | Jul 20, 2017 | Aug 27, 2017 | ₹2.30 | 3.11% |
| 4 | Feb 14, 2017 | Feb 14, 2017 | Mar 02, 2017 | ₹2.00 | 3.86% |
| 5 | Jul 19, 2016 | Jul 19, 2016 | Jul 19, 2016 | ₹2.10 | 4.17% |
FAQ
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