Reliance Industries technical analysis

• Reliance industries has broken down from the ascending triangle in daily chart.
• The break down is targeting the 930-950 Level. BUT the 200 DMA  and the weekly support line may limit the fall to 990 levels.
• As you can see from the second chart the stock has not been pulling away too much from the 200 DMA recently. 
• But if the stock  breaks 985-990 level next week means pulling away too much from the 200 DMA and breaking important support lines in both weekly and daily charts. This should make the bulls worried and a larger correction may follow.
• CLICK HERE TO SEE HOW THE ASCENDING TRIANGLE FORMED IN RELIANCE
• BANK NIFTY TECHNICAL ANALYSIS
• NIFTY WEEKEND ANALYSIS