Reliance
After 3 days of correction, bullish momentum seems to have returned since price could successfully close above 5 DMA and also above Pitchfork resistance. If these two levels are maintained, bulls can push RIL towards 1240 where bears have created some resistance by writing Calls -- second highest OI. Highest OI of Put stands firm at 1100 which lends immense strength to bulls.
I repeatedly said that RIL is a breakout stock on day chart on long term count. It is also a breakout stock on weekly chart which means a lot indeed and this is the sixth week running after the breakout.
The stock is in bulls control. The structure of chart and OI table confirm this. RIL is becoming quite aggressive by day in expanding its data businesses-- first mobile and now internet.
I repeatedly said that RIL is a breakout stock on day chart on long term count. It is also a breakout stock on weekly chart which means a lot indeed and this is the sixth week running after the breakout.
The stock is in bulls control. The structure of chart and OI table confirm this. RIL is becoming quite aggressive by day in expanding its data businesses-- first mobile and now internet.
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