redington: Stock Radar: Redington breaks out of inverse Head & Shoulder pattern in February; time to buy?
Experts suggest short-term traders buy the stock with a target of Rs 252 in the next 1-2 months.
Synopsis
The stock hit a high of Rs 237 on April 22, 2024, but lost momentum, finding support above 150 in October before rebounding. Its price action since April formed an inverse Head & Shoulders pattern on weekly charts, gaining strength after testing the 50-EMA in December. Last week, it broke out, reaching a record Rs 248 on February 14, 2025. This breakout signals a potential trend reversal from bearish to bullish, as the inverse Head & Shoulders pattern often marks the end of a downtrend.
Redington Ltd, a part of the commercial services & supplier industry, broke out of an inverse Head & Shoulder pattern in February, which has opened…
