It has surprised Bears as well as conservative bulls with its vertical rise day after day
for last few weeks.Reliance gas production was a big trigger for this humongous move.
Now the immediate question where this move can loose steam:).
Attached chart shows the probable move of it in coming weeks.
The assumption holds true if the starting point of wave 1 holds true(Green bold arrow).
So reliance should consolidate for some time in 1800-1600 range before it blasts up
to 2000-2100 region to make a considerable top for some time.
Very selective intraday shorting opportunities may arise in reliance in coming days
provided you know where to short.
and then there would be a nice long trade opportunity when consolidation gets over and
reliance targets higher levels of 2000-2100.
We can expect a nice fall from 2000-2100 levels.
Read what research houses think about reliance
Reliance Industries(MERRILL LYNCH)
Traders do comment about your counts or views on reliance.
Regards
Rish
RESEARCH REPORTS
Gravity hates vertical rises!
ReplyDeleteTrue but when gravity overpowers that's important:)
ReplyDeleteFollow the price,trail the stops.
ReplyDeleteReliance breached 200 DMA, 50-20 EMAs crossed over, yet volumes are lower even on updays as well as downdays[excepting the 3.2% rise on 8th]
It Formed a top at 1760 levels...and now it will fall from here....
ReplyDeleteVery Good .Especially Shorting on selected days...
ReplyDeleteThe last daily candle suggests weakness,can one short on monday..Your view...wold be appreciated..
Suchita
http://www.suchitaambardekar.blogspot.com
reliance to see 2200 levels in next 3 months! all down waves have ended, and now brilliant up move has to come. never short this stock, it will screw you very badly.
ReplyDeleteAnonymous do use name next time brilliant upmove ? what did we witness from 1100 levels to 1700+ wasn't that brilliant.
ReplyDeleteyes good one
ReplyDeleteNIRAV