Reliance Industries: Ready to glide higher

Note: This post is only for education purpose. Pls. do your own due diligence before any action. 

Reliance Industries:

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.

 

Reliance Weekly Chart

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
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