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Sunday, November 7, 2010

Reliance Ind Weekly: 1-5 Nov '10: Will Price cross Rs 1119?


RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis:

This week ended on a sour note for Reliance Industries.  The week opened at Rs 1121 and fell to Rs 1062.65 but rallied back slightly to close at Rs 1105.70.

Market Outlook:  Rs 1119 is going to be an important decision making point for the price.  If price remains above this after 3rd week of November, its time to buy.  

Technical Indicators:
  • The week ended with a Hanging Man Candlestick.  

  • The price has also reached its point of 2 year old resistance trend line.

  • 2 important lines of resistance and support dissect in the next couple of weeks at Rs 1119.  This is an important point to watch, keep a keen eye on it.  Any breakouts above this price are to be taken happily.


RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis

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