RELIANCE - Breakout Retest??
With crude prices falling and RIL getting a waiver to buy Venezuelan crude..the margins should improve going ahead.
The price has done a breakout retest of its recent short term breakout and closed right at the neckline..
If the stock can bounce from here...then there is a short term trade here..
Long above 3025 with stoploss below 2950 or ideally below 2875.
The stock could retest its old highs of 3200 and a break above that could also be good for the markets in general. On the way up there is a results gap-down that needs filling.
The price has done a breakout retest of its recent short term breakout and closed right at the neckline..
If the stock can bounce from here...then there is a short term trade here..
Long above 3025 with stoploss below 2950 or ideally below 2875.
The stock could retest its old highs of 3200 and a break above that could also be good for the markets in general. On the way up there is a results gap-down that needs filling.
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