Reliance Ind 16.06.2018 10:07AM

RELIANCEIND stock’s technical chart has taken the formation of “Right angled ascending broadening wedge” pattern in a daily time frame. As we can see the last few sessions’ been strongly bullish in trend ending up near the channel’s resistance slope line, where the market is expected to retest the same and turn bearish according to the pattern's analysis. We can hope the negative rally could be testing all the way through 990-960 levels in the upcoming sessions. Although an alternative scenario indicates that if the market been able to breaks above a strong key resistance holding near 1020, then it might have a chance to continue in bullish term. The upside rally could test 1040-1060 levels. Key support holds at 960.

Technical Chart:

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