Indian Stock Picks >> Indian Stock Pick -
Reliance Industries
India Stock Market Picks and Tips in Indian Shares will carry
a sample of our recommendation from our
newsletter
services. Some of the recommendations will be
educative in nature and will provide you with an insight
to the analysis process that goes into producing our
award winning
newsletter services.
The India Stock Market Picks and Tips in Indian
Shares will help you understand the power of our
analysis and the profitability of our
newsletter
services.
You can register for our
free newsletter service to receive email
notifications as soon as anything new is added to this
page.
Indian Stock Pick - Reliance Industries (update
on 07th March '04)
This stock pick was
one of the BUY recommendation in our
Trend
Trading Picks Newsletter
Reliance has finally broken out of its ascending triangle
pattern. BUY now with a stoploss at 500 with a short
term target of Rs. 600.00.
Indian Stock Pick - Reliance Industries (01st
February 2005)
This stock pick was
one of the BUY recommendation in our
Trend
Trading Picks Newsletter
Reliance Industries is forming (over the last 2
months) what we call an ascending triangle
pattern.
The ascending triangle is a bullish formation that
usually forms during an uptrend as a continuation
pattern. There are instances when ascending triangles
form as reversal patterns at the end of a downtrend, but
they are typically continuation patterns. Regardless of
where they form, ascending triangles are bullish
patterns that indicate accumulation.
Trading Recommendation
Although the ascending triangle pattern will only get
confirmed on a breakout above the 550.00 level,
aggressive investors & traders can BUY now with a
stoploss at Rs. 500.00. Others can wait for a breakout
above the Rs. 550.00 level and then BUY. Either ways
make sure to keep your stoploss at 500.00.
Short term target for this stock is Rs. 600.00.
Ascending
Triangle
The ascending triangle is a variation of the
symmetrical triangle. Ascending triangles are generally
considered bullish and are most reliable when found in
an uptrend. The top part of the triangle appears flat,
while the bottom part of the triangle has an upward
slant.
In ascending triangles, the market becomes overbought
and prices are turned back. Buying then re-enters the
market and prices soon reach their old highs, where they
are once again turned back. Buying then resurfaces,
although at a higher level than before. Prices
eventually break through the old highs and are propelled
even higher as new buying comes in.
As in the case of the symmetrical triangle, the
breakout is generally accompanied by a marked increase
in volume.
|
