5% short term rally expected in Redington (India) LTD Technical Analysis(Technical Analysis Mumbai,India Trading.)

We at tradingkamai.com are strong believers when it comes to trendline. And if the trendline is significant our belief rises further. A  trendline significance improves depending on the number of time the trendline was tested.

If you look at Redington technical charts the trendline has been tested almost five times. Below is the image for the same. Recently the stock came down from 80 to 70 in almost a week. It took support on the trendline. See the below figure and see point no.2.

For past 6 days it is respecting the trendline. See point 2,3,4,5 in the below image.    

Also when the stock was in a downtrend the volumes were decreasing, in short less sellers. So from short term point of view we expect in 15-20 days 5% profit from here.

In case you want to learn technical analysis you can start with this video http://www.youtube.com/watch?v=TAVFB9e7LME

See syllabus for Technical analysis training in Mumbai,India.

Please read our disclaimers before investing http://tradingkamai.blogspot.in/p/disclaimer.html