Reliance Communications fared well in the last few trading sessions and fetched some good returns for traders. As we can see on the charts, the stock has just touched the H5 Camarilla target for June 2013 and yet has more steam left. Once the level of 130 is crossed, we can expect further positive moves on the counter in the next few sessions.
EMA crossovers also depict a bullish change that did show up on the charts a few days back. We can expect some more positive moves soon.
Price and Open Interest data for June 2013 futures depict short covering with an increase in price and fall in OI. This further conforms to our bullish outlook on Reliance Communications.