Reliance Has potential upside
Oil Producing companies recently in a good position as crude prices have shoot up 13% with smashing trading volume, as OPEC and Russia deal, oil companies to get good benefits.
ONGC and CAIRNS had already given very good rally in past few days so now is reliance turn. Reliance’s ACHHE DIN.
Above All details are fundamental knowledge and reason for Reliance upside.
Now, let’s discuss about technical analysis of Reliance Stock chart and its price growth.
On 9thDec, 2016 Reliance had given close above EMA50 and also given ATR 14, 2 crossover.
Reliance closed at 1028.95 on 9th Dec. There is hardly any resistance till price reaches 1054. It will be the first resistance R1 for Reliance stock chart. After that it has resistance of previous month high i.e 1055.95. If Reliance price will cross that level it might give very impressive rally.
If you want to scan this kind of opportunity from whole market you need to check so many charts on daily, weekly basis but I can provide u better solution for that. If trader / investor use software which has query builder kind of feature, can find out this type of scrip within one click.
- Anand Singh Gaur
- Sunil Kothari