If Reliance is on Multiyear Breakout Journey – then where is the next level of support
Reliance stock has found buying near moving average support and hence dip to near 1030 will offer another attractive spot for the stock to move higher.
Source: Chartalert.com
Now the stock broke out in Feb 2017 and since then has not looked back. It is one of the safest stock in current market environment as it continues to absorb all the SIP and the defensive money.
Source: Chartalert.com
Now we are in a very tough market environment where nothing seems to be working. No matter what you buy, the probability of going wrong still stands at 95%.
https://twitter.com/smarket/status/1053620751117492224
Having said that – Reliance continues to be the strongest stock in current market environment. It offered two opportunities in last 1.5 years and I was able to spot both of them –
1. Reliance Breakout
A mega breakout in Reliance after 9 years….Reliance all set to rally another 50-100% over next 2 years
— Deepak Singh (@smarket) February 22, 2017
2. Reliance Consolidation after a Bullish run
How strong stocks deal with panic 🙂
Reliance down 0.5%
It has been now more than 6 months – Reliance stock in Hibernation – gathering energy to run again – no sign of any panic pic.twitter.com/Y8lNNwtpW2— Deepak Singh (@smarket) April 4, 2018
The Big question: Will investors be rewarded again by buying the dips near 1000-1050. Well only time will tell
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers
Hi Deepak,
If some one wants to take small bet on this stock on decline to 1000-1030, should one buy at that price or buy only when the stock bounce from 1000-1030 levels.