Reliance stock rose almost 6% today indicating as if the bears have been cornered out from the market for time being. Reliance gave a strong weekly closing stirring deep interest in the minds of investors and traders. What's next coming?
To clearly look at it, let's examine the Reliance's weekly charts and try it identify if the trend is shifting in favours of bulls owing to outperformance displayed by this Dalal Street's heavyweight or if this rally will soon fizzle out and bears will regain control.
Here in the chart an almost bullish engulfing candle which formed at the end of the week suggests a breakout is coming and can take the Reliance to it's previous highs and perhaps create new levels of upside. All the possible targets for the coming weeks/months are displayed in the chart. On the flip side, if the global markets and domestic markets fail to provide a relief rally even for a brief while and the Reliance cracks down below its crucial support levels then a major downside could be witnessed. That's why always keep a strict stop loss as stated in charts and follow prudent risk management. Be a wise trader and an investor.
This chart is just for educational purposes. We are not Sebi registered and do not provide calls. Kindly consult your financial advisor before making any monetary related investment/trading decision.
Let's see how the market and Reliance guides us in near future.
