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* On a daily chart, recently the stock has taken the support of its Neckline of Cup and Handle formation after giving a breakout of the same which indicates a bounce back movement in the counter.
* Moreover, on a smaller time frame, the stock has given a breakout of its Range Bound Movement with an above average volume which indicates a robust upside movement in the counter.
* Furthermore, the stock has been trading in a Broadening Rising Wedge formation where recently the stock has taken a support of its lower band of the formation which suggests a northward movement towards the upper band of the formation.
* A daily momentum indicator RSI reading is at 63.01 level with a positive crossover which points out for a positive breath in the counter.
* Based on the above technical structure, we are expecting a good upside movement in the counter in a few trading sessions.
Buy Reliance Industries Limited @ 1372.10-1385.95 SL 1470 TGT 1340 CMP 1385.95
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