Reliance Industries
Reliance industries is forming a parallelogram pattern with formation of Higher Top and Higher bottom formation on daily chart in short term time frame.
Reliance was the savior for Nifty for past 2 days when banks were bleeding heavily due to crude rising above 90$ which was negative for Banks but positive for Reliance.
Positive divergence has been observed in MACD with a positive crossover.
200 DMA is considered a defining territory for Bulls and Bears.Above 200 DMA bulls exsits and below that bears have power
RIL is having the same case it is near its 200 DMA @1030 and should be defining levels for tomorrow and rest of week.
Reliance Weekly Chart
RIL is facing resistance at its 50 Week SMA @1039 levels also as shown in weekly chart and crossing above it we can see higher levels on week ahead.
So 1040 level should be the crucial point for any further upmove to continue in Reliance.
Buy above 1040 Tgt 1054 and 1070
Sell below1027 Tgt 1015 and 1000