Sunday, March 16, 2014

Reliance Industries near breakout

Hi friends,
                  I had posted Reliance Industries Analysis few times this stock has been
in triangular move for 1 year now and the stock is still consolidating in the triangle
Look what was my expectation in it when last time i posted Reliance Analysis .
Lets look at the present Chart Structure.
Reliance Industries near breakout
In the last post
my expectation was
c of E fall and we
indeed saw a c fall
towards sub 800
levels and consolidated
there for some time
before forcing its way
Now again nifty is near

Trendline resistance ,Reliance has resisted to 920 odd levels twice and the probality of
breaching this is high as we would be testing it for 3rd time.
After breakout the potential of Reliance is to touch levels of 1050-1060 .
Lets look the  structure of rise from 793 .
Reliance Industries near breakout
This went too fast
This was biggest
rise in reliance for
last 1 year.
The internal structure
of rise suggests impulse
in making we have done
123 and in 4th probably
a triangle in making.
Look for a brea of upper
trendline for a target of

920 atleast.Keep this stock on radar because if Nifty has to rise further it would be speaheaded
by Reliance.


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