Reliance Petroleum Ltd.
The scrip has been stuck in a range of Rs 180 and Rs 140 for more than two months and the price pattern is that of a triangle - with lower intermediate highs and higher intermediate lows.
Currently the break out levels are Rs 177 on the upside and Rs 143 on the down side. Upon break out one can expect targets of Rs 210 ( for upside break out) or Rs 105 on down side break out.
The MACD though below zero, is showing signs of upmove - which will be confirmed once the break out occurs. The Longer term RSI ( not shown on the graph - being proprietary information) should also give a decisive indication on the occurrence of the break out.
The price has been consolidating around the 200 DMA which is another factor to be noted by longer term investors.
CA Rajiv D Khatlawala
1 comment:
Excellent analysis!
Waiting for breakout.
You forgot a link to E-investing..:-)
Intend to take Future position after breakout.
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