RELIANCE- Inverse HnS ??????
- Thread starter jramakant05
- Start date
R
Well, I am more than sceptical on this front: if you look at daily charts today it has made a bearish harami pattern which may be precursor to an impending downtrend in the stock.....next...Reliance has been consistently facing resistance at around 850-860 levels....if you draw the long term trendline for the stock it is around the same area...so trendline resistance is there...again from a low of around 710 Reliance has rallied around more than 20%..which at least in the last two years it has been never able to sustain.....well this is regarding the current technical structure of Reliance...add to it some fundamental factors like an impending CBI chargesheet against the company which may or may not happen...but the sentimenta are seriously affected at least of players who have the money to move the markets ...add to it a recent notification by Reliance to NSE.....Reliance Industries Ltd has informed BSE that the Company is planning to take Maintenance and Inspection (M&I) shutdown of Light Cycle Oil hydrocracker (LCOHC) and Vacuum Gas Oil hydtrotreating unit (VGOHT) of SEZ refinery at Jamnagar refinery complex from 19th and 23rd September 2011 respectively. These maintenance shutdowns will be for a period of approximately 4 weeks.
The routine shutdown of these units is being planned for the first time since commissioning.
this is definitely going to affect its bottomline as well....
I prefer to bet on the short side...sell it and enjoy it.....
The routine shutdown of these units is being planned for the first time since commissioning.
this is definitely going to affect its bottomline as well....
I prefer to bet on the short side...sell it and enjoy it.....
R
If you are really long term investor then of course yes....problem is nowadays even long term has become so short term...on the downside it may taste700...may be even 650....so what....to a long term investor having a minimum horizon of 5-6 years it does make sense to buy it...problem arises when it goes down by another 50-100 points and people start cursing the fellow who suggested it....if you can sleep tight for next 5-6 even 10 years definite yes..Fundamentally I have another reason.....they are the only people who have got 4g licenses and in next 5-6 years I do see tremendous increase for data requirements as well as speed ..they do have the edge there...
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