May 5, 2010

RELIANCE industries technical analysis

RELIANCE DAILY CHART
  • RELIANCE INDUSTRIES daily chart shows positive divergence developing in daily chart.
  • Stock is moving down in a channel.
  • Stock may get support at 990-1000 region. 
  • Keep 980 as stop loss and one can go long from 990 to 1000 region for an upside target of 1150.
Trade is based on the support given by the ascending trend line. If the stock breaks and closes below the trend line this trade is not valid and one should exit.

thank you
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