- ES near the top of the range. candle shows good momentum for bulls. Price need to close outside the range for confirming a breakout.
- ES NEAR LOWER BOLLINGER BAND
February 27, 2012
- Break below 804 has given a good short trade for bears. Stock is off the lows but if Closing is below 38.2% it will still favor bears of reliance.
- Reliance closing below 804 will favor bears. Closing below 38.2% means the stock may target 50% Fibonacci levels.
- Bulls need an intraday rally to close above 804. Structure of the stock looks weak so its better to sell on rise till price stays below 20 Day SMA.
- Today's price action also broke below the range which was developing around 200 SMA which is bad for reliance bulls.
- PREVIOUS UPDATE ON RELIANCE INDUSTRIES WITH THE RANGE AT 200 SMA