RELIANCE INDUSTRIES: Multiple Top Breakdown?
Its my first analysis and post so views / critics welcome!!
Reliance Industries: A case of multiple tops formed over many days around the 1600 area? Today's fall also comes on the back of a retest of the highs yesterday. RSI declining from >70 levels and comes on the back of lower volumes too. Move from 23 March lows seems to be a channeled one. Break and close below the support area around 1500 would be first signal followed by close below channel. First target could be around Rs. 1382 low made back in February.
Reliance Industries: A case of multiple tops formed over many days around the 1600 area? Today's fall also comes on the back of a retest of the highs yesterday. RSI declining from >70 levels and comes on the back of lower volumes too. Move from 23 March lows seems to be a channeled one. Break and close below the support area around 1500 would be first signal followed by close below channel. First target could be around Rs. 1382 low made back in February.
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