Reliance Industries Ltd. (RIL) faces resistance at Kumo

We all have witnessed Sensex rally in last few weeks. Major stocks have participated in this rally except the big one – Reliance Industries Ltd. (RIL). Let's see the reasons below.

We're taking the technical chart of RIL using Ichimoku indicator.

Ichimoku Chart of Reliance Industries

The first resistance it had on around Rs.1,000 mark – the kumo resistance. Chikou Span (CS) tried to cross it twice in the beginning of July 2010, but failed; although closing price managed to close above kumo. But real kumo breakout rule is when CS AND pricer closes above kumo.

Now again, 4 days back, CS failed to cross kumo lines again. The closing price also failed to cross Kumo. Now, the price is moving downwards, where it will get its first support on Kijun sen line.

Clearly, Reliance will move upward ONLY when CS & its closing price closes above Kumo.

READ  Sensex technical chart | 10 Feb 2011

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2 thoughts on “Reliance Industries Ltd. (RIL) faces resistance at Kumo”

  1. Asher excuse me for borihteng you again but i’m looking for every opportunity to gather information about ichimoku trading and signals; but when i click the above link i get the message that the authors have deleted that blog. I do read that the alerting service moves to a different site as soon as testing is over. Do I miss something or is there a site where i have no acces to. Again my apologies for disturbing

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