April 28, 2011

RELIANCE Breaks 1000

  • Reliance has broken the important support at 1000. This number was between 50 and 200 day moving averages which makes it more important.
  • As shown in the 2nd chart Break below and above 20 DMA has given nice trending moves recently. so this should work again But have the trailing stop in place.
  • We discussed about selling the stochastic in weekly chart, This has worked and the profits for bears might extend if price sustains below 1000 level. 

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