- Daily chart shows support at previous resistance levels of 5342 - 5348. Bears need to break below this level for a bigger down move to happen.
- Daily MACD is moving towards a sell signal. Price moving above 5448 will negate this view.
- 78.6% Fib level of 5629 - 4770 is acting as resistance for now.
- The weekly candle looks like a bearish shooting star. A perfect shooting start would have the opposite color of the prevailing trend Red candle in this case and a bigger shadow or tail. So the significance of shooing star looks less. Weekly chart will show weakness below 100 Week SMA.
- RELIANCE CHART ANALYSIS
August 25, 2012
All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.