Wednesday, March 21, 2012

Reliance Industries is in Downtrend | Technical Chart | 21-Mar-2012

Below is the technical chart of Reliance Industries, listed on Indian stock exchange, using Ichimoku indicator.


Reliance Industries is in Downtrend
Reliance Industries is in Downtrend


Price is trading below kumo, Tenkan Sen / Kijun sen crossed already taken place, Chikou-span (CS) line is trading inside kumo. All these factors clearly indicates that one should avoid this stock at this stage. There is not even a single positive factor for this stock. If chikou-span line closes below kumo i.e. 739, we might see free fall of this stock. On the upper side, the main resistance is at 776.

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