Long Swing Trade for Reliance & possible new highs.

18 thg 12, 2020

Reliance is consolidating for quite some days, also a triangle pattern slightly ascending can be seen.
The RSI indicator is also suggesting a possible reversal where the price is moving down but the momentum is increasing.

A breakout in the triangle with some good volume may lead to bullish strength, with strong support by 200 EMA, which may move the price to its first resistance level near 2165. If that breaks out too, then the next target could be set near 2290. One may HOLD position for a longer period because by the overall pattern of the last few months I feel like it has done its time & price correction quite well.

Let's see.