June 18, 2010

Reliance industries long consolidation

WEEKLY LINE CHART


  • The charts above shows reliance industries multi month trading range.
  • This consolidation has been going for nearly 13 months.
  • So this time it may break out. But i have checked many indicators like stochastic, and williams %R everything seems to be in overbought in daily time frame. 
  • But indicators can remain in overbought status for a long time if the price decides to march ahead.
By at

2 comments:

  1. SujathaJune 18, 2010 at 11:09 AM

    If so, then it's a wall of worry right? nifty may not fall much..???

    But in this OB level including RIL and Nifty is it possible to run much higher? novice..what TA says?

    regards

    ReplyDelete
  2. SanJune 18, 2010 at 1:37 PM

    @sujatha

    The answer is a combination of global and local events. if euro goes down wall street goes down with it. And then nifty will also go down with it. So according to me euro holds the key.

    I was expecting nifty to touch 5310 at least before turning down. Let's see what happens

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