October 14, 2013

  • Reliance industries is trading above crucial moving averages in daily chart. One has to see the alignment of moving averages which suggests price is trading in a range.
  • Bullish on holding above 20 Day SMA at 856 which should give an up move towards 901 levels. Bearish on closing below 851 which should take price towards its 200 Day SMA.


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My Favourite Quote

"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."
—Jesse Livermore