Reliance Industries – Technicals Buy Mode

November 3, 2011   ·   2 Comments

Reliance came in buy mode by closing above the trendline resistance 2nd time in this week. Infact I believe this would cause a bearish move since it is in raising wedge. But closed above the trendline negating the Raising Wedge pattern. Indicators not showing any signs of over bought mode in daily charts as of now. RSI stands at 61 and MACD in positive mode. It has resistance at 925 levels. Also please be notified that 890 being the 200 ema.  Even today’s day high is 889.35. So 200 ema showed correct resistance. Anything above 890 it will swiftly move to week’s high at 904 and then only 925. Once 890 crosses one can long in this provided 880 as the stop-loss. Weekly Ichimoku charts has the similar resistance at 925 levels. Take a look at the following daily and weekly charts of Reliance Industries standing as on 3rd-Novemeber-2011 eod:

RIL Daily Chart

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RIL Weekly Chart

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Rajesh Singla

Rajesh is the founder & CEO of Stockssavvy, Stocks analyst,financial advisor by choice,software engineer by fate,biker,gamer,cricket lover n enthusiastic person. He believes in doing things not just to get by but to get Ahead...

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  • Thanks for posting my first article 🙂

  • Anonymous

    Priya, It is an honor to have you here..I am sure Readers will benefit your expertise in technical analysis & trading calls..

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