Reliance Industries Forecast

Forecast for Reliance India Limited, traded on the National Stock Exchange of India :

As we can see from the charts, Reliance Industries Limited has just undergone a reversal in trend from the 180 degree Gann Resistance Level of 863. The prevailing downtrend is expected to continue as per our studies. However, traders are advised not to go short on the stock until it penetrates the L3 level for March 2012 which is 793.

Important reversal dates are as follows :

Calendar days :

Trading days from 8th February, 2012 :

7, 26, 29, 3044, 51, 58

Highlighted days are significantly important on which a major reversal in trend is expected to occur. Other important dates as mentioned may also witness minor spurs in the stock price.

Note the low on 5th. March 2012 right above the L3 level of 793. While 18 trading days have passed since the last reversal, we are approaching 26 and 29 trading days as well as 8th of March 2012. Traders may go short on the stock once the L3 level is broken.

Find out how the Nifty fared in February.

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