Is it not time to CALL Reliance Industries Limited Stock?

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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BIOCON, RELIANCE INDUSTRIES AND RELIANCE CAPITAL

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RELIANCE

Reliance Industries Limited:
Stock has been undervalued for about two years completely, now there are visible chances of the price breaking out of this range as all the indicators are bullish currently. So stock could be attaining new year highs as soon as it breaks the resistance levels marked in the graph. Also a strong trend reversal pattern ( inverse head & shoulder) is observed. If the price breaks upwards, according to the A-B-C pattern, it is expected to grow up to Rs. 970 during long term. My good suggestion will be again to buy the equity of the stock or to buy 2 lots of March 2013 future derivative of the stock at Rs. 900 and wait for the target. (i.e: 70x2(250)= Rs. 35,000). [Advised SL: 870]