Reliance Industries was one of the biggest leader on 2006-07 Rally. After 2008, Reliance stuck in range and become trader's stock for last 6-7 years.
Following are the long term charts of Reliance:
Clearly Range for Reliance is keep on decreasing and soon we will see breakout followed by big trending move. Announcement of Reliance Jio is also one major news which is just around the corner.
On Downside, just near support. Breaking 800-830 area will take the stock back to 670-80 levels which might not happen.
On technical side, buy will be triggered once 1050 current trend line which will keep on decreasing with time.
Right now, the spring is getting stretched and move will come once its released.
Now , Lets add a Fibonacci retracement view as well, just to cover how Reliance respected Fibo ratios :
Clearly , it seems Reliance is also respecting Fibo ratios :):
Following are the long term charts of Reliance:
Clearly Range for Reliance is keep on decreasing and soon we will see breakout followed by big trending move. Announcement of Reliance Jio is also one major news which is just around the corner.
On Downside, just near support. Breaking 800-830 area will take the stock back to 670-80 levels which might not happen.
On technical side, buy will be triggered once 1050 current trend line which will keep on decreasing with time.
Right now, the spring is getting stretched and move will come once its released.
Now , Lets add a Fibonacci retracement view as well, just to cover how Reliance respected Fibo ratios :
Clearly , it seems Reliance is also respecting Fibo ratios :):
- Straight recovery till 61.8 %
- Remain in range between 38.2 and 61.8% for 1.5 years.
- New Range between 23.6 to 38.2 for next 2 years.
- Recent fall from 50%.
So from above conclusions , 690-740 is very good range to accumulate Reliance. It may also happen that these levels may not come in that case, buy above breakout just before Run-away with the help of Technicals/Charts :).
Note: Above post is shared only for learning purpose. This is not some BUY/SELL tip.
One can comment if want technical views on some particular stock.
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