Falling Wedge of Reliance Industries

• Reliance continue to fall down in a falling wedge pattern. Price has been respecting the support and resistance line of the line chart. For now price is near the upper end of the pattern. If price its not going to give a breakout on closing basis we may see another correction in reliance.
• Daily chart has positive divergence But price yet to close above 20 Day SMA for some strength for bulls to be seen.
• Weekly stochastic is oversold But yet to turn up.
• NIFTY WEEKEND UPDATE