Thursday, December 29, 2011

Reliance Communications Ltd. Technical Chart | 30-Dec-2011

Here is the technical chart of Reliance Communications Ltd. (RCOM), listed on Indian stock exchange, using Ichimoku Kinko Hyo indicator.






On week ending 30-Oct-2009, Rcom price closed below kumo @229.65 and that was the bearish breakout signal. Golden chance to exit from the stock. From there, it started its downward journey. Sometimes, it tried to cross kumo but due to strong resistance, it failed. Right now, it is trading below kijun-sen line and kumo. So, there is no hurry to buy this stock even it is trading near 70 levels. Buy it when it closes above kumo i.e. 135.

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