September 5, 2011
- Reliance has given a breakdown from triangle and we saw price come down to 776. But there is no volume change. We have to see a volume breakout soon for validating this breakdown.
- Reliance 15 Minutes chart in a consolidation pattern with price approaching the apex of the pattern.
- Breakout or breakdown may give good direction for the stock and may affect the direction of nifty.
- The week that ended on Friday was very good for bulls or reliance.
- But Next week bulls has to face strong resistance levels.
- First one is the trend line resistance. They previous support level at 828 which may act as resistance.
- Stochastic is entering overbought level. Price is about to hit the upper Bollinger band.
- Most Important is the 50 Day Simple moving average at 824 levels.
- For bulls price should close above 50 Day SMA.
- Getting resisted at 824 - 828 levels can give a good short trade for reliance bears.
- NIFTY WEEKEND UPDATE
- S&P 500 WEEKEND UPDATE
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