RELIANCE POWER ALL SET TO TEST 81 AND BEYOND

Reliance Power: Long Trade

rpower msg given 10 days back to buy stock at 69 for 75 and beloyond  lot size 4000  today hit 74 profit 20000 rs

Reliance Power has been in a major downtrend for several years now. A look at the weekly chart indicates that the stock has been in a consolidation phase in the last couple of years. A closer look at the recent price action suggests that stock has broken above a key resistance level at Rs.69. Have a look at the weekly chart below.

today, the stock re-tested this erstwhile resistance level of Rs.69 and has since recovered. Initiate long positions today for a target of Rs.75 to begin with.We suspect the ultimate resistance for this up move is at Rs.81-82 range. I would trail stops until the stock reaches Rs.81.