July 28, 2010

Triangles of Reliance Industries

RELIANCE DAILY CHART
RELIANCE WEEKLY CHART
  • Reliance has broken down from its ascending triangle in daily chart.
  • But the fall may not go below 1000. Because of the ascending trend line that has been supporting the stock for several months now.
  • A Break below 1000 could be very negative for the bulls as it means breaking down from the weekly triangle as well.
  • I have given the range of 964 and 1150. The violation of these numbers can only bring an end to this multi month range bound action.
  • RAISING WEDGE OF NIFTY

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