June 18, 2015

Ascending Triangle of Reliance Industries

  • Reliance bulls has managed to close above 200 Day SMA But price has run into a resistance zone between 940 - 950. This is the resistance line of a Bullish ascending triangle pattern. A bigger up move will be possible only if price close above 950 levels. Price is likely to stay inside the ascending triangle for some more time before a bigger breakout can happen. For now the upward momentum will be lost if price closes below 918 levels and Weakness will return if price closes below 200 Day SMA.

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