Technical Analysis on Reliance - 14th Sep 09

Reliance Chart - Daily:

Reliance has formed an Ascending Triangle in daily charts (not a perfect one). It gave a break out from the Triangle, but the volumes are not very convincing. Today it took support from the Neckline of the Triangle. Long trade can be taken with the stop loss below the support trend line or 1918. Target may be the height of the triangle at 2500 level. 2270 may act as next immediate resistance.

I would not prefer to take new trade at this point of time. As Nifty is still in indecision so risk would be more then reward.

I have posted a long entry in Reliance when it formed a Bullish ABCD Pattern (Gartley with double bottom) at 1870 level. Which reached the targets of ABCD pattern immediately and reached the extended target of 2190 later on.
Reliance gave a wonderful opportunity to re-enter long trade on 4th Sep, But I didn't utilize it as I was holding some other scrips at that point of time.