October 21, 2010

Reliance Industries analysis

  • Reliance industries is trading near an important weekly resistance line.
  • Resistance line seems to be strong. But Breakout above this line cannot be ruled out. 1081 and 1094 will act as resistance on its way up. Large move towards 1048 is possible if 1094 is taken out convincingly.
  • Getting resisted here and breaking below the small trend line drawn in weekly chart can bring the stock below 1000.
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2 comments:

  1. ToT-AmitOctober 21, 2010 at 12:05 PM

    San nice chart,

    also join the lows of July09, Oct09... and see the triangle.

    shown here:- http://tradingontechnicals.blogspot.com/2010/10/reliance.html

    ReplyDelete
  2. SanOctober 21, 2010 at 1:18 PM

    @Amit
    Thanks for the reliance chart

    ReplyDelete

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