Sunday, 23 August 2020

Reliance Industries #StockToWatch

#Reliance stock is precariously poised at make or break level
  • Price is at bottom of Consolidation Box 
  • Price near 20 DEMA ( green line) will it take support and bounce back as it has exhibited in the past ( green arrows)
  • Recently it got rejected from trendline ( marked red arrow)
  • If stock bounces from here it will test the trendline(s)
  • ADX Signal Strength Strong at 30
  • RSI though above 50 is in downtrend 
  • On hourly Chart Stock is showing weakness
Reliance Will it Won't it breakdown 

If Reliance Breaks Down here we can see 1950 levels 
If Reliance bounces back 2130 / 2200 we may see resistance above which is blue sky zone 

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