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Reliance (RIL) - A long term view - Chart Pattern

NSE:RELIANCE   RELIANCE INDS
Intro : The bump and run is a pattern that is of explosive power in developing markets aiming at maturity. Reliance has just bumped onto and looks to start its run.
For those unfamiliar with this lesser known pattern, this looks like a inverted cup, preferrably on an ascending trendline support angled between 30-40 deg. This has been observed in cases of several multibaggers, be it MRF , Avanti feeds ,etc..

The power of compression and the extended bull run at a steady 45 degree trendline support makes this a wonderful catch.

Reliance looks to complete the short term Double bottom that it is doing, finding its resistance at the outline of the bump and then, retest the support line in the month of May 2019 ( The intersection of the lines - Text box says the same)

We have a wonderful rally ahead of us, for the next 3 years, propelling RIL to new heights.

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Consult your advisor before taking any position
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