RELCHEMQ breakout zone retest and bounce now???

Panjang

RELIANCE CHEMOTEX INDUSTRIES L (BSE_DLY:RELCHEMQ)

BSE_DLY:RELCHEMQ RELIANCE CHEMOTEX INDUSTRIES L

RELCHEMQ RELCHEMQ

Time Frame – Monthly

Observations: -
* After breakout of 13 years trendline price move one side.
* After that price fall to earlier trendline and took support and gave good bounce.
* Price also bounce from fibbo 61.8% & 50% zone and now trading above this zone.
* Tomorrow monthly and weekly closing will confirm the trend change in stock and it may resume its uptrend again.
* Stock may try to hit new all time high from here.

Resistance – 240 / 267 / 360 / 430 / 495 / 615

Support – 170-182 zone

DISCLAIMER: NCFM Certified Technical Analyst. I am not SEBI registered analyst. All posts are for educational purposes only. I am not responsible for your any loss or profit. Consult your adviser before taking any trade. I help people to learn technical analysis & charts reading.

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