Reliance - Support Taken - moving in parallel channel
Updated
Reliance have taken support from 2369..which was strong support on daily and weekly chart.
On a higher side, RIL can touch 2640-2650 (channel Mid), then 2800-2864 and go up to 3000 (channel high). We can say RIL has taken reversal once it crosses 2600 and go long from there. RIL is strong fundamentally and also on a chart.
It is moving in a parallel channel.
On downside, it could fall further up to 2309 which is a channel bottom and good support. If it breaks down channel then it could go up to 2179 - S1, 2017 - S2 & further down up to 1829 - S3 which is very unlikely.
On a higher side, RIL can touch 2640-2650 (channel Mid), then 2800-2864 and go up to 3000 (channel high). We can say RIL has taken reversal once it crosses 2600 and go long from there. RIL is strong fundamentally and also on a chart.
It is moving in a parallel channel.
On downside, it could fall further up to 2309 which is a channel bottom and good support. If it breaks down channel then it could go up to 2179 - S1, 2017 - S2 & further down up to 1829 - S3 which is very unlikely.
Note
Pain of Windfall TAX disappearing. RIL touched 2440-50 today! (20/07/2022). Looks like it'll carry on journey towards 2600 now!
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