Probably one of the steepest trend lines I've drawn so far, but that's to be expected when you talk about a stock like
RELIANCE
. Very interesting to see how the trend line hasn't been breached even after the sharp dip we experienced on the day of 43rd AGM.
As of now, RELIANCE seems to be thoroughly confused about whether it wants to continue exploring higher levels or find support at lower levels. But this is to be expected by some massive moves that followed the AGM.
Intraday moves appear to be fairly range-bound, but based on past performance, this is to be expected before a larger move comes.
RELIANCE
. Very interesting to see how the trend line hasn't been breached even after the sharp dip we experienced on the day of 43rd AGM. As of now, RELIANCE seems to be thoroughly confused about whether it wants to continue exploring higher levels or find support at lower levels. But this is to be expected by some massive moves that followed the AGM.
Intraday moves appear to be fairly range-bound, but based on past performance, this is to be expected before a larger move comes.
Comment:
RELIANCE has now broken the upper trendline. Quite an interesting sight. Possibly because of the news about the stake sale in Jio Retail to Amazon. With the trendline breach, it has also become the 48th most valuable company in the world, with a market cap of over INR 13 lakh or 13 trillion (yes, with a 't') Indian Rupees. Truly spectacular.
Comment:
Meant to say 13 lakh crore in the above update^ *
Comment:
Facing stiff resistance around 2200 psych levels but the trendline continues to offer support. The stock must close decisively above 2170 on an intraday basis and 2150 on a swing basis to have a good shot at breaching the 2200 mark
