May 19, 2011

RELIANCE INDUSTRIES No sign of a bottom yet

  • Reliance Day chart is trending down below 20 day moving average with not bottom formation yet as shown in first chart. 
  • Number that will save the bulls is the recent low of 885. Break below that will take reliance to 850 levels thats were the support line is as shown in 2nd chart.
  • 3rd chart shows weekly chart on closing basis this one shows limited downside But before the week decides to close price can violate the support line and then come back above and close. So have your plans in place.