Since late April Reliance is trading in a range which is getting even narrower. Today range became extremely narrow and there is possibility of upside breakout due to following factors:
1. Bullish Marubuzo at impressive volumes. Volumes are already more than 2.5 times of past 10 day average.
2. Stock has just risen from short term resistance forming at rising trend line.
3. Positive news flow - from CCI and Paraxylene plant makes the deal sweeter.
One can go long if stock manages to hold above 1355, Stoploss can be put somewhere near 1320, if breakout isn't false we can reasonably expect it to bounce back beyond 1400
1. Bullish Marubuzo at impressive volumes. Volumes are already more than 2.5 times of past 10 day average.
2. Stock has just risen from short term resistance forming at rising trend line.
3. Positive news flow - from CCI and Paraxylene plant makes the deal sweeter.
One can go long if stock manages to hold above 1355, Stoploss can be put somewhere near 1320, if breakout isn't false we can reasonably expect it to bounce back beyond 1400
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Target Reached : Stoploss can be revised to 1390
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