Reliance – Bullish Dow Pattern

The Higher Top /Bottom and Lower Top /Bottom are marked for Reliance Industries stocks.There are several Long and Short trade identified using Dow theory. An Long trade example is marked in it. On 21st June 2018, Higher top (1036.00 Inr) was created, followed by Higher Bottom (Inr 940.00). The Higher Top was broken on 14:50 of 11 July 2018, with higher volume. Next day, the price continued to increase alongwith very high Volume. Hence, a Bullish Dow Theory, i.e, Higher Bottom and Higher Top as bullish trend is confirmed. A Long trading at 1036.00 on 11st July 2018, would have reached the peak price of INR 1323.00 by 27th Aug 2018, giving maximum profit of INR 287 per share within 38 days.