RELIANCE IND (1122.15)
FORMING THE TRIANGLE PATTERN...
(click on the charts for better view)
This stock is forming the Triangle formation and even it can kiss the all time high of 1195, but i think it dont dare to penetrate the 1195 level. But on the course of forming the triangle formation even it can retrace upto 1040 or even 1020. The support for the stock is at 1106-1099 below this level it'll take support at 1060 and then at 1045 and 1015. The really strong support is at 1045. As long as it stays above the 1047 mark (61.8 fibo of 1195-810) it had very much possible of penetrating the 1195. The resistence comes at 1135-1155-1170 and 1195.
FORMING THE TRIANGLE PATTERN...
(click on the charts for better view)
This stock is forming the Triangle formation and even it can kiss the all time high of 1195, but i think it dont dare to penetrate the 1195 level. But on the course of forming the triangle formation even it can retrace upto 1040 or even 1020. The support for the stock is at 1106-1099 below this level it'll take support at 1060 and then at 1045 and 1015. The really strong support is at 1045. As long as it stays above the 1047 mark (61.8 fibo of 1195-810) it had very much possible of penetrating the 1195. The resistence comes at 1135-1155-1170 and 1195.
posted by Naveen Pantera at 6:13 PM
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