[Premium] Trade Of The Week

For quite some time, Reliance has been missing from our trade ideas simply because the price had been moving in a sideways range. In the week gone by, the price has rallied above its resistance of 2,565. By absorbing the overhead supply at this level, a new target opens up from a short-term perspective.

The indicator is in the bullish momentum zone and the price has moved out of a five-month base.

With Energy rallying the way it is, Reliance cannot be left behind. We finally have a breakout and move come through!

We are bullish on Reliance above the risk management level of 2,565 with a target close to 2,750.

Thanks for reading and please let us know if you have any questions.

And if you're a Premium Member, be sure to check out our other weekly post, "Three Charts For The Week Ahead."

Allstarcharts Team