Thursday, May 23, 2013

Rcom - Technical Update

  1. RCOM has a resistance zone in the 113-131 band.
  2. Volumes are rising, should be indicative of a bottoming formation.
  3. The sharp rise in RSI above the OB zone suggests a possible fundamental shift from a bearish to bullish view.
  4. But the current OB condition should delay the eventual BO.
  5. I don't understand the business of RCOM, but since the name Reliance features in the company title, I believe a BO should result in a sustained move.

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