December 10, 2011

RELIANCE INDUSTRIES Weekend update

  • Reliance daily chart shows price near important support levels ( 747 - 751 ).
  • Weekly chart too shows price testing 78.6% Fibonacci level. So breaking these level can push the stock down towards 710 - 720 levels.
  • Weekly stochastic is yet to bottom out which was discussed in the last post of reliance, We saw the attempted up move of last week getting resisted near 50 Day SMA. So this selling at higher levels will continue till stochastic makes a turn around.
  • So for bulls to make an up move 747 - 751 level should act as support. 

By at

3 comments:

  1. FireDecember 10, 2011 at 4:52 PM

    Can you please post some regular updates and charts on USD-INR? That would be very helpful for a lot of people like me I think. Just give it a thought.

    ReplyDelete
  2. sammyDecember 11, 2011 at 5:24 AM

    San,

    Saturday Update
    http://markethighsandlows.wordpress.com/

    ReplyDelete
  3. SanDecember 11, 2011 at 11:54 AM

    @FIRE
    I use to do updates on USD-INR in my forexblog. I will try to increase the frequency of the posts

    ReplyDelete

Subscribe to: Post Comments (Atom)