Tuesday, January 07, 2014

Reliance Technical chart

Hi friends,
                   Revisiting reliance had posted this stock in october  but nothing much
has changed from that its still moving in the same range and yet to breach either side
though off lately its hugging the upper trend line,Look for old post here Reliance .
As we see from the above chart the upper trendline still holds and the price reversed
ferociously this time according to triangle this should be the last leg before the break
out of triangle happens.
Have a interesting thing to share A fractal ,The kind of move we are witnessing in reliance
has already happened way back in 2001-2003
A kind of sideways triangle we saw a sharp dip followed by a rise followed by a shallow dip
and small rally with sideways pattern for sometime and then a break from the pattern.
Lets look at the present structure.
We had a sharp fall followed by a rise followed by a shallow fall a small rally
and presently sideways in range,Both structures are almost same.
I have already said 2014 would witness outperformance from OILand GAS sector.
Look to buy oil and gas in falls.

Regards
Rish

2 comments:

Bluechips 4 U said...

Will be an out-performer above 920

Rish said...

Yes 920 ie slanting line resistance breakout point..

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