Reliance - Ready for another up leg - Wave 5NSE:RELIANCE bounced from the lower support trend line of bullish channel. It also completed corrective abc wave. Now it may go ahead for a wave 5.
Jio
RELIANCE INDUSTRIES | BUYThe stock seems to be on a strong upward momentum with solid breakout above previous ATH. The stock seems to be poised for movement towards 2000. This provides us with a opportunity for a long trade in the stock. The stock seems to be a good buy at about Rs 1842 (Previous breakout zone) for a target of Rs 1972 with a stop at Rs 1787 on a closing basis.
RELIANCE | Very BullishReliance Industries has raised more than 100,000 Crore Rupees in the past 6 weeks, significantly reducing their net debt.
- This is a good sign, showing institutional investors' interest and belief in the company.
- Fundamentals aside, technically the price action seems to be breaking out of a Inverse head& Shoulder, along with a cup and handle pattern, Only adding to the bullishness of the stock.
-MACD also is converging to form a bullish crossover on the 4H chart.
- Reliance is a very big player in the Telco sector in one of the most populated countries in the world, showing their profit margin capabilities.
I'm very bullish on this stock in the long term and i expect positive price action to follow up this week.
