RELIANCE INDUSTRIES as on 05-06-2014

posted by Paritosh on Thu Jun 05, 2014 09:55 pm

RELIANCE INDUSTRIES :- today this stock closed at 1088. The stock after making a high of 1142 corrected to test 1060 which is 23.60% retracement level, from where it showed a upmove and today closed at 1088. Now further, if the stock manages to cross 1104 levels and close above it, we will see further upmove to test the recent high of 1142. Also, as per Elliott Wave the stock is in last stage of its 5th wave which can extend maximum upto 1255-1260 levels, but there are incidences where 5th wave have failed. So if any one wishes to buy, can buy with SL@1060 and upside targets of 1140-1190-1240 in short term. However, it is advisable not to remain long if the stock closed below 1060 or do not manage to cross and close above 1104 levels. Further other parameters like Stochastic, RSI and MACD are in favor of bulls. Thus one can take positions keeping in mind above levels.

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