Saturday, July 08, 2006

RELIANCE


GREEN ARROWS show trendline support expect a bounce from support else it downmove is quitr furious ril may violate this channel,see the trend and trade
cheers
rish

7 comments:

Ramesh PArikh said...

hi Rish,
The volume shown in your chart definitely looks law but if you see the on balance volume chart the net volume is almost at the peak level when Reliance was at its top price, see the attached chart with OBV indicator. IF ON BALANCE VOLUME INDICATOR MAKES NEW HIGH THEN IT SHOULD BE ADVANCE INDICATION OF RELIANCE MAKING NEW HIGH SOON. Otherwise considering it to be coorective wave of fall from 1187 to 807.it has already coorected amplitude and time wise more then 61.8% So it is more likely to result in an A,B,C correction of Elliot Wave Typei.e.Wave B is over and we should now see killing Wave C (The thrid wave down).It may in the process break the bottom of 807 or may end up above the bottom, depending upon the next upmove 's strength.If it ends above the bottom of 807 it is very likely that next upmove will be strong.Only next few days working can give some clue .To me it appears odds are in favor of wave C down.

About On Balance Volume Indcator.
Joe Granville introduced the On Balance Volume (OBV) indicator in his 1963 book, Granville's New Key to Stock Market Profits. This was one of the first and most popular indicators to measure positive and negative volume flow. The concept behind the indicator: volume precedes price. OBV is a simple indicator that adds a period's volume when the close is up and subtracts the period's volume when the close is down. A cumulative total of the volume additions and subtractions forms the OBV line. This line can then be compared with the price chart of the underlying security to look for divergences or confirmation .
Ramesh Parikh.
- Show quoted text -

Rish said...

very nice way to explain sir thxs for posting your views

Avinash MB said...

I fully agree and what a coincidence that i too posted the same article a few minutes back on my blog !

Anonymous said...

I think u now a days look like a person who think he is master and not traying to learn from mistake a succesful person who never lose his cool and try to learn from mistakes

Rish said...

Anonymous what made you to think that i dnt know never mind i take this in good spirit thxs 4 comments

dr. uday said...

it seems 800 line is inevitable for RIL.. gas will come out of KG basin in 2007.. RPL will come in 2008 and retail.. may give fruits in 2009 or so.. the IPCL is virtually in garage.. no charm in RIL atleast upto 2007 march..

Anonymous said...

RIL a good buy anytime for creating wealth. Sources have mentioned to take RIL to 700 levels in the final fall......

Post a Comment