November 1, 2011

RELIANCE Industries Analysis

  • Price is getting resisted near 900 Levels, This Level was a support which was broken and now acting as strong resistance.
  • MACD is showing negative divergence.
  • Up move was stopped exactly at the month high EMA as shown in the last chart. Now it would take many strong bulls to give a breakout and close above 900 levels. Last month closed below Month high EMA, If the current month too sustains below it then we will see selling. Day closing below 865 may lead to 830 Levels.

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