Redington Stock Forecast
Redington stock price ended at ₹217.05 on Tuesday, after gaining 0.185%.
(Updated on Jun 25, 2024)
The Redington stock price gained 0.185% on the last trading day (Tuesday, 25th Jun 2024), rising from ₹216.65 to ₹217.05. During the last trading day the stock fluctuated 1.18% from a day low at ₹216.40 to a day high of ₹218.95. The price has been going up and down for this period, and there has been a -0.44% loss for the last 2 weeks. Volume fell on the last day by -90 thousand shares and in total, 34 thousand shares were bought and sold for approximately ₹7.33 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at ₹221.41 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -2.86% during the next 3 months and, with a 90% probability hold a price between ₹189.79 and ₹215.09 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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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 ₹216.46 and ₹210.15. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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 -2.32%. Further fall is indicated until a new bottom pivot has been found.
A sell signal from a double top formation was found on Thursday, June 13, 2024 and based on theory for this formation the price should fall by -7.06% to ₹201.73 within 33 trading days since signal was issued (Friday, August 02, 2024).
Support, Risk & Stop-loss for Redington stock
Redington finds support from accumulated volume at ₹216.95 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 ₹2.55 between high and low, or 1.18%. For the last week, the stock has had daily average volatility of 1.87%.
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 Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Redington to open at ₹217.47, and during the day (based on 14 day Average True Range), to move between ₹210.65 and ₹223.45, which gives a possible trading interval of +/-₹6.40 (+/-2.95%) up or down from last closing price. If Redington takes out the full calculated possible swing range there will be an estimated 5.90% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹216.95 (0.05%) than the resistance at ₹222.15 (2.35%), 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.
Current score: -1.519 Sell Candidate Unchanged
Predicted Opening Price for Redington of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| ₹217.47 ( 0.192%) | ₹217.05 |
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 | 220.02 | 1.37% |
| R2 | 219.04 | 0.92% |
| R1 | 218.44 | 0.641% |
| Price | 217.05 | |
| S1 | 216.49 | -0.257% |
| S2 | 215.89 | -0.534% |
| S3 | 214.92 | -0.98% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 223.15 | 2.81% |
| R2 | 222.70 | 2.60% |
| R1 | 222.15 | 2.35% |
| Price | 217.05 | |
| S1 | 216.95 | -0.0461% |
| S2 | 215.75 | -0.599% |
| S3 | 196.95 | -9.26% |
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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