A Bullish position on ascending channel on Reliance Industries.Disclaimer: This is not a trade advice. This is an analysis for educational purpose. Kindly do your own research or consult your investment advisor before taking any positions in the capital markets.
The Indian mammoth has risen from the ashes of a descending triangle pattern to an ascending channel which presents us an opportunity of a 2.8:1 Risk reward trade on the basis of candle stick pattern and the channel boundary. On a technical analysis of the chart in a daily timeframe shows a Target upside of Rs. 43 with a slim stop loss of 15 Rs. . Trade setup is invalid if the stock opens below 2650. The stock closed on Wednesday at Rs 2672 Rs NSE:RELIANCE
