Reliance Industry retraced the triple top breakout

Over the last four months, Reliance Industry Ltd have made triple top around the 960 price level in the daily chart. It did break out of 960 range on Jan 22, 2018 with huge volume of 21 Million shares in National Stock Exchange (NSE). Within three days on Jan 25, 2018 it retraced the breakout. The breakout was a Gap-up and it is also an island bottom around 935 to 940 levels. There is a possibility that Reliance may find support around the island bottom.

Reliance retraced the triple top breakouts
Reliance retraced the triple top breakouts

The long bearish candle followed by the dojo like candle shows the weakness of bullishness. If the Gap up of 935-940 level breaks on closing basis, reliance may go down further.

Muthuraj Paulraj

Passionate about investing and trading in Options.

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