April 13, 2015

Reliance industries chart analysis

  • Previous swing low in Weekly chart around 793 saved Reliance bulls from bigger correction.
  • Daily chart shows price trying to move out of the bearish falling channel.
  • Having said that price is moving towards major resistance levels like 200 SMA and previous broken support levels which may act as resistance.
  • So reliance needs to cross 200 SMA and the above mentioned price level for a major trend change to happen.

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