iCharts Discussions

[ajitg76]

the long term trendline from 2003 to find support for a bullish outcome
That trendline broken on yesterdays close. Now today we are testing the 900 mark
The last two years RIL has formed a triangle pattern in which the lower end is at 900.
and the upper end at 1080. Several attempts to break either side have failed. I believe
that 4th attempts are often successful so the next break of either side will happen and
sustain. As we test the lwer end a close below 900 would mean the completion of a
2 year triangle distribution with a target of 700 or lower.
The second chart is a long term one with data from 1984. It shows that if a distribution
confirms here then RIL completes a multi year 3rd wave up with a truncation in wave 5 of 3
Wave 4 would retrace 61.8% at 675 and 78.8% at 400.
Note a close below 900 or sustaining below 900 is required for this view, The daily RSI of RIL
entered oversold territory so in the short term one needs to watch out as the support may or
may not break immediately.