Daily Market Research Report 08-01-2021

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REDINGTON WEEKLY

 

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.

 

 

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