RELIANCE INDUSTRIES LTDFormazione
Reliance Industries Momentum Scenario
RIL is moving under an arch shaped resistance. And the green lines drawn shows that slope is decreasing after each big wave. And currently move is very much horizontal. One possible scenario could be that price can reach to highest level of arch at 2400.
Bullish Scenario: After reaching resistance to stay bullish attempts to break resistance could be possible and high volume breakout can be seen.
Bearish Scenario: Otherwise big rejection after failed attempt of breaking resistance is possible.
One more scenario is no RIL won't do any attempts to break it will slowly turn into downtrend. (If volume stays normal.)
After reaching 2400 high price can start falling drastically. (Only when volume is too much)
Bullish Scenario: After reaching resistance to stay bullish attempts to break resistance could be possible and high volume breakout can be seen.
Bearish Scenario: Otherwise big rejection after failed attempt of breaking resistance is possible.
One more scenario is no RIL won't do any attempts to break it will slowly turn into downtrend. (If volume stays normal.)
After reaching 2400 high price can start falling drastically. (Only when volume is too much)
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