June 10, 2014

RELIANCE Industries Chart analysis

  • Reliance continues to move sideways in a range. 
  • Crucial support in day is 20 Day SMA.
  • Weekly support is at 5 Week LOW EMA. Staying above these levels the up move is likely to continue.


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  2. Well, I am not sure how to study the exit polls. They were wrong once and again in 2004 and 2009, could it be another miss?

    If we look at the banking stock a lot of stocks (PSU) are getting ready for their reversal in the weekly chart. Obviously a spike on the upside will confirm this and hence we could look into a correction.

    I was having this conversation with someone today and he couldn’t believe it. He was asking me to be more sure before I could suggest correction. All I can do is look at the charts! Money management rules will play a very important role in this week. One should really start booking profits.

    Lets see it in a different angle. If you stay long, the risk reward ratio is very poor as the correction could show really low prices. If you book your profits, you will gain and you might miss on the extra spiked profits (in my opinion only). In the former case, you will lose sleep and will be watching the news everyday and night tilt he 16th to see that your journal does not take a hit. Even if it does go up, you will get a chance to re enter the market. However, in the latter, you will have a sound sleep and be less worried about the market and be ready to enter again once given a chance. Your journal will show a brilliant set of result.

    P.S. Don’t wander into the forest without a light, you just might not know the way out!

  3. This is most useful and great chart according to trading purpose.
    Agri Commodity Tips