Reliance Industries Weekly: 8-12 Nov 10: Faces Resistance, Breaks short term support

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis:

The week saw a fall throughout, opening at 1113.9 and closing at CMP 1061.85 (a fall of 52.05)

Market Outlook:

• The next week seems like it is set to fall further.  Next support is near Rs 966.
• Possible buy near 966-970.

Technical Indicators:

• Decision point 1 ended negatively as the stock price could not break through resistance. 
• Price fell through a short term line of support which was created since mid-August.
• The resistance at 1119 was too strong for the stock price to break through and it returned from 1113.9.
• With short term support broken, we will have to depend on the support between 961 to 970 to stop the price from falling further.  It might take another 2 weeks to fall and reach this support level.

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis