Reliance Industries Stock has formed an Inverse Head and Shoulder Pattern at the bottom with good volumes ,Confirmation with inverse HNS on 14 period RSI also ,which is a key reversal pattern specially when its found.
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Stock Views And Strategy -Buy around CMP 865-862 And Down Side of 853-848. StopLoss- 834 Closing Base,If Stock Give Close Below 834 then its failure of this Pattern,Exit long If Close Below 834
Price Targets – 875-876 and 920 ,in Midway Stock Can Face Resistance Around 888-890 .Short Term Traders Are Advised To Book Partial Profit At Resistance Zone.
Long Term Trader-Stock Is Good Fundamentally Also One Can Go Long With Expected Price Target Of 920 In Next 2 Months
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There is no head and shoulder pattern on weekly chart. Also no break-out with large volumes.
Guys, Reliance is in sideways trend. This should be a no brainer. Search for some other script.