March 16, 2011
- Reliance gave a good range breakout trade this week. Yesterday's dip in the morning gave another good entry too.
- For now the stock remains above 50 and 200 day moving averages which will favor the bulls of reliance.
- Weekly chart shows MACD positive cross over, Stochastic is trending up which should give some more up ward momentum for the stock.
- But as mentioned in the last 2 charts, Price should hold on to 61.8% Fib level and also stay above the resistance line drawn in daily chart for continuing this upward momentum.
- RELIANCE RANGE IN HOUR CHART BEFORE BREAKOUT