|Short-term Technical Analysis of Reliance Industries Limited - ©batchuforecast.blogspot.com|
Reliance Industries Limited:
There are mix of technical arguments supporting the continuation of uptrend for the scrip. With a macro indicator RSI projecting bull trend, the fake-out candle formation from the Bollinger Bands confirms the trend reversal which can be estimated up to Rs 980 based on two parameters, the 20 day average and the 61.8 per cent retracement levels for the recent bearish motive wave (3rd Elliott Wave of the larger Downtrend).
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