WEEKLY CHART
DAILY CHART
DAILY CHART
- First chart is the weekly chart of reliance industries. Trading above 1050 will be positive for the stock. and the next resistances comes at 1064, 1069,1086,1104. Traders can use these levels.
- And unlike nifty reliance is trading above its 200 day moving average.
- Reliance went below its 200 day moving average on may 17 and on may 31st it came back and closed above it only to fall below it on the next day itself. Now on friday reliance has again closed above its 200 day moving average. So if it sustains above it that can push the stock upwards.
- For positional traders the stop loss can be kept at 980-985. This is just below the ascending triangle that reliance has been trading for many months.
- The third chart shows an rising wedge and a (descending broadening pattern or one can classify it as a triangle as well). What ever it is when i combine the weekly chart and the moving average situation it looks bullish to me. But please keep strict stop loss, for example if one is taking a day trade above 1050 if he/she is a day trader they should get out if the stock hits 1040.
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