RELIANCE CAPITAL
- As per previous report published on Reliance Capital , stock failed to closed above 668 and witnessed selling and stock made a low of 548. (Click here to see previous report published on Reliance Capital).
- Now daily chart indicates stock moved up from 38.2% fibonacci retracement support as long as stock holds above it will favor bulls, but once stock closes below 540 then weakness expecting and if stays below then stock can test its 50% fibonacci retracement support around 505. Close Watch.
- Intraday close watch once stock starts trading below 540, if holds below during market hours then can see some intraday weakness. close watch.
- Suggested reading - CROMPTON GREAVES has formed head and shoulder formation, will favor bulls once closes above resistance.
- As per graph no2 stock is trading below 50 days moving average , this indicates weakness as long as stock trades below.
- As per graph no3 stock is moving in a down channel formation this will favor bears as long as stock trades in between, sharp move expecting once stock breaks it channel formation, chart also indicates stock major trend indicator "MACD" is moving in a -ve zone and also below level zero this will favor bears. Close Watch.
- Click here to see all the free trading reports (tips) published by us on RELIANCE CAPITAL.
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