Saturday, April 11, 2009

>Reliance Industries Technical Analysis

Reliance the super heavy weight:)

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

8 comments:

jumpup said...

Gravity hates vertical rises!

Rish said...

True but when gravity overpowers that's important:)

jumpup said...

Follow the price,trail the stops.

Reliance 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]

recency said...

It Formed a top at 1760 levels...and now it will fall from here....

Anonymous said...

Very Good .Especially Shorting on selected days...

The last daily candle suggests weakness,can one short on monday..Your view...wold be appreciated..

Suchita
http://www.suchitaambardekar.blogspot.com

Anonymous said...

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.

Rish said...

Anonymous do use name next time brilliant upmove ? what did we witness from 1100 levels to 1700+ wasn't that brilliant.

Anonymous said...

yes good one
NIRAV

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