Note: This post is only for education purpose. Pls. do your own due diligence before any action.
Reliance Monthly Chart
Monthly Chart –
- The stock has doubled from 500 to 1000 in last one and half year.
- After a spirited run during 2017, it is consolidating with an UPWARD BIAS for the last 6-7 months. UPWARD BIAS even after such a strong run is a robust indicator of the underlying BULL power.
- Expect the stock to spring into a parabolic breakout from the range.
Weekly Chart –
- During the whole period captured in the chart, watch the continuous Higher High & Higher Low (HH-HL) formation.
- Even inside the sideways range, stock is exhibiting the HH – HL characteristic. Volume has contracted, which is logical.
- Stock remained above the RSI 50 range and RSI itself is showing signs of breaking out of the blue trend line.
- ADX is delicately placed and should move higher as a confirmation with the breakout in prices from the trading range.
Reliance Industries: Ready to glide higher