December 10, 2011

  • 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. 

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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
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