Are you a new Trader or Investor? Spider Research is a program initiated by the Spider Software to provide free Stock Market Education with our Weekly Research Articles.
From the last couple of weeks, Redington has been consolidating in a range since 27/8/21 till now and this week it tried to close above the resistance of consolidation which is 162 and closed above resistance with the closing rate of 163. However, this closing can lead to next resistance which is 177 as per the previous top of consolidation zone. RSI has also closed above 60 which is a clear and good sign for bullishness. If next week price tends to take resistance of this level, then it can lead to the support of 142. The feature we used for this analysis is Spider Congestion Zone.
Technical Factors –
- The trend is bullish before the consolidation zone so higher chances to give breakout from top.
- Along with this week’s bullish candle, there is huge spike in volume as well which indicates bulk buying.
- RSI have crossed above 60 which is good sign for Buyers.
- Consolidation zone has been broken by 1 point on weekly chart as per Spider Congestion Zone study available in Spider software.
A Disclaimer: This newsletter has been designed for informational and educational purposes Only. It does not constitute an offer to sell nor a solicitation of an offer to buy any security, which may be referenced upon the site. The services and information provided through this newsletter are for personal, non-commercial, educational use and display. www.spidersoftwareindia.com does not provide investment advice through the site and does not represent that the securities or services discussed are suitable for any investor. This newsletter may include market analysis, All ideas, opinions, and/or forecasts, expressed or implied herein, information, charts or examples contained in the lessons are for informational and educational purposes only & Should not be construed as a recommendation to invest, trade, and/or speculate in the markets. Any investments, trades, and/or speculations made in light of the ideas, opinions, and/or forecasts, expressed or implied herein, are committed at your own risk, financial or otherwise. The accuracy, completeness, and timeliness of the information contained in this newsletter cannot be guaranteed. www.spidersoftwareindia.com does not warranty, guarantee or make any representations, or assume any liability with regard to financial results based on the use of the information in the site.www.spidersoftwareindia.com is not liable for any harm caused by the transmission, through accessing the services or information on this site, of a computer virus, or other computer code or programming device that might be used to access, delete, damage, disable, Disrupt or otherwise impede in any manner, the operation of the si