Reliance - Short

Stock has shown a nice upward trend past several days followed by a correction event past three trading days. Spinning top is indicating some exhaustion from the bears, so expect a slight pullback. However the weekly charts paint a clearer picture depicting a shooting star formation with the high point of 1328 that is the edge of the 20 week moving average. So I am expecting some sell off and correction on this stock in the coming week.

If the price opens well below the 9 day MA on Tuesday then it is a good indication to enter this stock.

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