RIL off late has not been participating in the party I guess it’s the case, when the cats are away the mice come out to play and the bulls would want THE CATS to play rather than the mice!
A quick look at the daily chart above and we can see RIL has been stuck in channel of sorts and now a very important level on the daily charts is 1180 we need to break and close above it, for a new run in the stock. 1060/50 is a very good short term support, below that it’s straight to 1000 where the 200 periods MA is, and that will put severe pressure on the bulls!
The hourly chart has those two ugly spikes….a breakout on the upside will only happen once it takes out the 1100/1105 with conviction. Right now it’s just managing to cling to the support provided by the moving averages, with the 200 periods hourly at roughly 1060 odd level…below that there is a sharp drop till TL support!
If already long or planning to long here then keep tight stop at 1050 or nearabouts and target 1150/1180 initially. And if a short here, is what’s in your mind then 1100/1105 should be the stop!
No comments:
Post a Comment