Reliance Power: Trading with Elliott Wave

Shares of Reliance Power were buzzing in trade on Friday as it gained 3 percent intraday. Sources said that CBI is likely to close its preliminary enquiry to probe coal block allocation in Reliance Power ’s Sasan project. Sasan power project is an ultra-mega power project with an installed capacity of 4000 MW. The first unit started producing power on March 30 while the second unit started production on December 13. The company's overall generation capacity has crossed 3,200 MW. Reliance Power is executing three UMPPs in Sasan (Madhya Pradesh), Krishnapatnam (Andhra Pradesh) and Tilaiya (Jharkhand).

Does news really drive the stock prices or it is the advance technical study that has made aware that the trend is changing. 

Reliance Power Daily Chart

From the daily chart of Reliance Power, from past 4 months this stock is moving in a range of 80-66 levels. Recently it bounced from the level of 70 and it is capable in moving up till …. levels which is a very good resistance zone. MACD is also on the verge to give a positive crossover.

As seen in 60 mins chart, the stock yesterday was up by half a percent and has the tendency to move further up from current levels. However, RSI on smaller time frame has reversed from the level of 70 which is a very good resistance for banded oscillator.

As per wave theory, ………………………………………………………………….

In short, as far as …. level is intact on downside our bias for R Power is positive as it can reach till …. levels over short term.


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