Redington rises 3.7% as higher highs stay intact

Redington Limited shares rose 3.72% to Rs 412.75 on 5 October. The daily chart shows a higher high, higher low structure with support at Rs 390. Redington Limited [

] shares rose 3.72% to Rs 412.75 on 5 October. The stock continues to trade in a higher high, higher low structure on the daily chart. The session opened at Rs 400.45, touched a high of Rs 416.90 and closed near the upper end of the day's range. The stock has risen steadily since the sharp jump seen in August. A higher high, higher low structure means each rally goes above the previous peak and each pullback holds above the previous low. The RSI reads 64.41, which shows firm momentum but is still below the 70 mark that is often read as overbought. The structure does not rule out a pause. A stock that has risen this far can pull back, and a fall below the previous higher low would weaken it. Rs 390 is the immediate support. A fall below it would put lower levels in view. On the upside, Rs 419.50 is the immediate resistance. A move above it would bring fresh highs into focus. Neutral stance while price trades between Rs 390 and Rs 419.50. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.