Wednesday, December 20, 2017

Reliance Communication Bottom in?

Hi friends,
                  Went through R COM chart looks interesting ,Monthly chart hints a important bottom in place lets look at the chart.
The trendline touching important lows maintained even in deep dump gives confidence about levels.
Grinding deep in chart looking at daily time frame the fall E wave shows a good 5 wave down with 5th extension.The bad debt and failed deals were responsible for extended fall. more over a very important support of 46 got breached though the price tried to hug that level for quite sometime .
Let me put daily time frame chart for  clear waves  .
Look at the above chart so clear waves with extension in 5th wave .Stock made a panic low near 10 and has recovered handsomely after that ,First sign of reversal in this stock is a close above 18. Above 46 longterm reversal for stock . Overall stock looks good for longs in dips.