Reliance Communications – End of Story or New Beginning ?

This has been one wealth destroyer for investors and even for traders with the volatility.

At 50-52 today the stock is interestingly placed now.

Reliance Communications Technical View

• In the last 3-4 years it has made bottoms at 46-52 zone in August 2012 / March 2013 / August 2015 and now in February 2016.
• To some this may look like a Head and Shoulders Pattern. But HnS patterns are generally reversal patterns seen after an uptrend which does not seem to be the case here.
• So 46-48 remains a strong support zone on closing basis. 56 is a short term resistance.
• A break below 46-48 can also lead to a sharp fall.
• I would not like to pre-empt a trade here but will watch for 46-48 or 55-56 which gets taken off. The subsequent move could be large.

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Securities covered above:: Reliance Communication

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