ud007

ud007

On a weekly time frame the chart is forming a long rounding bottom pattern. The price movement is supported by volume. Further recently the price is taking support at the brim of the pattern which gives more confidence to the pattern. If it follows the pattern then the stock price will be double in 1 or 2 yr.

ud007

Daily time frame analysis suggests that now the stock is going into downtrend, as chart now moves to lowerhighs and lower Lows. Further the last candle is a long bearish candle. But before initiating any trade in the stock look for the levels marked as the price moves lower to the marked level short trade may be initiated, which confirms the trend.

ud007

Reliance is forming double doji pattern. Previously when similar structure was formed the stock continued previous trend. This time also it may continue its uptrend.