Reliance Energy - Finally some power!!

Reliance Energy is probably one of the few stocks that completely missed the recent rally and wanted some information to actually trigger the price rise. Its recent news on having received an order that exceeds 2000 crores, probably is a good start. With more news on the mega projects coming up in december, this stock looks like an ideal candidate for a start of a decent upmove. However, on the technical side, the following would be my thought:

• The MACD is still above the technical signal line. Also, the volume bars are just increasing. Hence, the stock is on a decent plane though not very bullish at this point.
• The accumulation distribution chart for the chart is probably more volatile than the stock itself. It surprised me totally to see a stock that is so volatile on the volumes. The stock seems to be a traders paradise, as the stock cant be so volatile given the small movement on the prices.
  

For now, the stock needs to break Rs. 552 convincingly. If the stock break Rs. 570 then, I would wait for the stock to still move upwards. I would have a target of Rs. 600, which is 78% levels for the stock. On the down side, if the stock falls below, Rs. 535 -then the stock could see some pressure to fall back to Rs.520. Hence, this gives the upper and lower target for the stock.