RELIANCE - 1350-1320 Re-test before we head higher?


Reliance has been moving down with mostly red candles at daily since it's all time high. Currently, it is at 0.786 region of fib and if it starts to head higher from there, that can be very bullish but such an event is quite less probable. Chances are that it may want to come and retest 1350-1300 region (if 1400 breaks) which coincides with a previous swing low and an important 0.618 fib level.

The previous two trading session saw a small upside but they were not supported by volume (as see in the chart). I would like to see increase in green volume if we are to break to new all time highs for Reliance .

Reliance is a fundamentally strong stock so for long term, we can be bullish .

Daily RSI
Reliance - 54 - Neutral

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