Reliance Industries Forecast




Tuesday, 4 September 2012
Reliance EOD Chart
Reliance Industries Limited - Daily
Reliance Industries Limited has demonstrated a sharp turn in today's trading session. A jump of 2.17 % took the stock to confirm a Gann reversal date that was due on the 2nd of September 2012. The day being a holiday, was not considered and the following day that is the 3rd of September 2012 was to be considered for the reversal. Today's move confirmed the reversal and the stock is expected to shoot higher in the next few sessions. 

While Wolfe Wave patterns are not yet seen on the daily charts, the stock is sitting in between the H1 and H2 levels for September. This makes it sit in a weak zone and hence sharp moves may not be observed. Nevertheless, some resistance is expected near the H3 zone which is 792.36. A penetration of this level shall occur if another Gann reversal does not occur in the meantime and will take the stock further higher.

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