Reliance Industries Daily Stock Chart Technical Analysis:
On a day when the market jumped up like an acrobat, Reliance Industries turned Humpty Dumpty and "Had A Great Fall".
The market opened at Rs 1121, quite higher than yesterday's close of Rs 1096.25. But it fell throughout the day and closed at Rs 1093.20.
Market Outlook: The fall may continue tomorrow but in worst case scenario, will find support near Rs. 1065.
Technical Indicators:
- Big negative marabozu candle with almost no shadows indicate continued selling and profit booking throughout the day.
- The volume is high, showing high interest in booking profits at today's price level. The market seems to believe that Rs. 1100 + was a good price to book profits and exit RIL.
- The 50 day moving average crossed both the 100 and 200 day moving averages on 22 Oct 2010. Same time, the 100 day moving average crossed the 200 day moving average too. Both shorter term averages crossed the longer term averages, which is a positive signal for the stock price.
- There is a price channel forming since Aug-Sep 2010 as is seen on the chart. The price is moving in a volatile fashion within this channel.
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