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Reliance Industries

8 Feb 202102:27 PM

Market rumors have determined Mukesh Ambani to be terminally ill for the 2nd time when prices crashed close to the 1800 mark. Now we have a double bottom at 1830 and prices have recovered marginally above the 20 DMA, pushing the daily momentum indicator into buy mode. A slightly higher high above the high made on 3rd of Fed may be an early indication that another rally has started. Will the 2nd finally end in an impulsive move? The odds have gone up as the stock has taken its own time to consolidate. In fact, prices have recovered back above the 40-week average is swell. That level was 1900 on the weekly chart. The 20-week average that 2010 and should be the next important hurdle before weekly momentum indicators confirm to be bullish. With a double bottom near 1830 be prepared for a 3rd wave advance to start. Wave 3 of 3 from the 2015 bottom

Now we have a double bottom at 1830 and prices have recovered marginally above the 20 DMA, pushing the daily momentum indicator into buy mode.

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