Reliance Industries Ltd currently trading at 1203.75 spot as on 17th Aug 2018.
After reaching its 52 week high at 1231.7 on 9th Aug 2018, The stock made a possible pullback (low at 1182.7) and currently trying to break on upside. Price is making higher lows considering the previous rise (from 1112.5 to 1231.7) followed by pullback (1231.7 to 1182.7) and currently trading at 1203.75, trying to break upside which is clearly a bullish signal. (Check trend line, and other markings on price chart). While we also see the hidden bullish divergences on RSI and MACD. Also Volume figure shows clear divergence likely to break on upper side. The same has been illustrated in the chart using trend lines.
Considering all the points, probability to break on upside is more. Accumulation can be done between 1185 to 1200 levels.We are expecting a targets of 1230 first. If it breaks that, 1250/1260 is quite probable to reach in short term. While its all about the probability, stop-loss shall be maintained if the price moves below 1180 levels.
Keep trailing your stop-loss once in profit. Please note that all the levels provided here are as per cash levels.
Please note that views shared here are personal and for educational purpose. Please consult your own financial adviser before taking any trade.