Reliance industries seems to be came out of its downward trend. Now it looks it is moving in an uptrend.
Moving in an channel making higher lows and higher highs. Stock looks a good buy below 845 for a huge target of 1000+.
Short Term:
In shorter term stock may be in sideways with range bound between 830 to 890. Go long around 838 to 843 with SL at 830 for a target of 880 - 890 for short term. Major support is seen at 810 - 815 levels.
50% of Fibonacci is at 810 levels.
200 DEMA is lined up at 819 levels.
50 DEMA is lined up at 860 levels
Long Term:
Reliance Industries is forming a strong base around 836 to 845 range before making an up move.
Long term users can buy this stock with deep SL at 808 for a target of 1012 to 1088 3 to 6 months.
In larger picture stock is forming a CUP. In Recent move it confirmed its formation by reaching 960 levels, next move will be towards 1070 to 1090.
Chart enclosed.
Moving in an channel making higher lows and higher highs. Stock looks a good buy below 845 for a huge target of 1000+.
Short Term:
In shorter term stock may be in sideways with range bound between 830 to 890. Go long around 838 to 843 with SL at 830 for a target of 880 - 890 for short term. Major support is seen at 810 - 815 levels.
50% of Fibonacci is at 810 levels.
200 DEMA is lined up at 819 levels.
50 DEMA is lined up at 860 levels
Long Term:
Reliance Industries is forming a strong base around 836 to 845 range before making an up move.
Long term users can buy this stock with deep SL at 808 for a target of 1012 to 1088 3 to 6 months.
In larger picture stock is forming a CUP. In Recent move it confirmed its formation by reaching 960 levels, next move will be towards 1070 to 1090.
Chart enclosed.
Reliance is at 810 and low at 805, so is it a buy now?
ReplyDeleteIt is always wise to wait for a confirmation and pull back after a fall.Buy when see a pull back signal. Stock looks good even from the long term perspective. Long term investors can buy the stock now and wait for 1 year to see above 1000 levels.
ReplyDeleteIf stock breaks below 800 levels, it may find support at around 776-760 levels, below which stock may not see.
ReplyDelete