Friday, May 10, 2013

Reliance - Technical Update

  1. Reliance did bounce back and our call for patience paid off well, read last post here.
  2. Reliance did rally, but the rally stopped in the resistance zone (green lines) marked on the chart, the pullback is now in the support zone (blue lines).
  3. I feel this counter should trade in this band (green - blue lines), form a base, and then launch atleast another rally.
  4. The rising trendline which was tested earlier, should hold the key, if broken, this whole price action since 11 April can be termed corrective, but above this trendline, hopes for an up move are intact. 
  5. No need to mention that above the resistance zone prices should move up with little resistance.
  6. Below the rising TL preceding downtrend may resume.

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