December 16, 2011

RELIANCE chart analysis

  • Reliance daily chart is showing positive divergence, Price is getting support near 720 levels. But upward momentum may not come until price close above 5 Day High EMA.
  • Price is also testing 5 Week Low EMA. Weekly close above 5 Week EMA will give strength for bulls of reliance. If an up move happens 20 SMA will act as resistance.

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