These are the monthly charts of Reliance Industries and Mcx crude. As can be seen Reliance has been in a range from nearly 2 years. Now let us relate this with crude oil monthly chart. We can see similar pattern. we are now seeing volumes returning in crude oil. If it breaks out of this range we can see an upmove of rs 400-500 in crude. Reliance breaking out of this range will touch 1600 levels. Reliance is a buy at dip around 930 levels and hold for six months for the above mentioned targets.
