Hi friends,
Reliance has been sideways for almost 8 years without showing considerable move.
Its been trading in a triangle ,Which can be seen in following chart.
The range is getting squeezed as seen from the chart ,abcd is done and a small triangle is again in process,A closer look at the chart shows the internal waves as shown in the following chart.
From this chart we can see 1150 is the breakout level for this triangle ,Internal waves of triangle suggests wave e is pending we have to see wave e goes deep down or remains sideways overall above 1150 this stock can go in new territory.Keep a watch on this stock would update when wave structure gets ripe.
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